Nine Adani group stocks end in the red; Adani Green slips over 3.5%

As many as nine Adani group stocks on Wednesday ended in the red as the US Securities and Exchange Commission (SEC) has told a federal judge that its efforts to serve a complaint against Adani Group founder Gautam Adani and his nephew, Sagar Adani in the alleged $265 million bribery scheme are ongoing. The SEC has also requested assistance from the Indian authorities for the case.

• Adani Green Energy (-3.66%)
• Adani Enterprises (-1.78%)
• Ambuja Cements (-1.36%)
• Sanghi Industries (-1.16%)
• ACC (-0.71)
• Adani Wilmar (-1%)
• Adani Energy Solutions (-0.96%)
• Adani Power (-0.45%)
• Adani Ports (-0.21%)

During the intraday trading session on Wednesday, Adani Green Energy shares tumbled by nearly 4.25% and Adani Enterprises fell by around 4.3%.

However, NDTV shares jumped 1.45% and Adani Total Gas ended 0.56% up on the NSE.

The broader market closed flat with the 30-share BSE benchmark Sensex dipping 28.21 points or 0.04% to settle at 75,939.18. The NSE Nifty fell 12.40 points or 0.05% to 22,932.90.

Alleged bribery case

On Tuesday, February 18, the SEC submitted a status update to Judge Nicholas Garaufis at the United States District Court, Eastern District of New York regarding its efforts to serve its complaint on Gautam Adani and Sagar Adani.

The SEC said that both Gautam Adani and Sagar Adani "are located in India, and the SEC's efforts to serve them there are ongoing, including through a request for assistance to the Indian authorities to effect service under the Hague Service Convention for Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters."

However, the Adani group has denied the allegations by the Department of Justice and the SEC and called them ‘baseless’.