Market News
2 min read | Updated on November 21, 2024, 11:10 IST
SUMMARY
US authorities said Gautam Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years and develop India's largest solar power plant project.
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Adani Green Energy was trading 19% lower at ₹11,45.30 on the BSE.
In light of these developments, the company said its subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings.
Among individual names, Adani Energy Solutions was locked in the 20% lower circuit at ₹697.70 on the BSE. Adani Ports was frozen at a 10% lower circuit at ₹1160.15. Shares of Adani Wilmar were down nearly 8% at ₹301.60 apiece on the BSE, while those of Adani Power were trading around 11% lower.
Adani Enterprises was also locked in the 20% lower circuit at ₹2538.20.
Adani Green Energy was trading 19% lower at ₹11,45.30 on the BSE.
Last month, Adani Group said it had merged two step-down subsidiaries with green hydrogen and wind turbine manufacturing firm Adani New Industries Ltd.
"Adani Infrastructure Private Limited and Mundra Solar Technology Limited stand amalgamated with Adani New Industries Limited, a wholly owned subsidiary of the company," Adani Enterprises Ltd, the group's flagship firm said in the filing.
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