Amid widespread sales in the Indian stock market, on Wednesday, Adani Group shares, including the flagship Adani Enterprises, Adani Ports and SEZ and Adani Green Energy, fell by 4% in early trade.
Adani Enterprises and Adani Green Energy Share were the top loser in the stock of Adani Group. The price of the Adani Enterprises share declined by 4.3%, while the Adani Green Energy Share was also priced at 4.25%.
Adani power shares fell 2.54%, the Adani Ports Share fell 2.63%, while Adani Energy Solutions, Adani Total Gas and Adani Wilmer declined by 2.4%.
Adani group cement manufacturer, Ambuja Cement shares and ACC shares also fell nearly 2%.
The decline in shares of Adani Group today came after a report, stating that the US Securities and Exchange Commission has sought the help of Indian officials in the investigation of Adani fraud.
The US SEC has requested Indian authorities to assist in his investigation on the alleged security fraud of Gautam Adani, the founder of the Adani Group and his nephew Sagar Adani, in its investigation on a bribery scheme of $ 265 million, the Reuters reported in a court.
The SEC told the New York District Court that Gautam Adani and Sagar Adani continued their efforts to serve their complaint and is seeking help from the Ministry of Law and Justice of India, so that.
Fee against Adani Group
Last year, federal prosecutors ignored an indictment, accusing Indian authorities of bribing Indian authorities to celebrate power produced by their Adani Group’s subsidiary Adani Green Energy, and then the company’s articular Misguided American investors to assure about practices.
The US Justice Department accused the Adani Group of allegedly joining a plan to pay more than $ 250 million. 2,100 crores in bribe to Indian authorities). A bribe was given to secure the conditions favorable for solar power contracts.
The Adani Group has called the allegations “baseless” and vowed to seek “all possible legal support”.
Earlier this month, several US Congress members wrote to the newly appointed US Attorney General, urging the prosecution of the previous DOJ prosecution of Adani Group officials.
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