Adani stocks crack up to 5% as US SEC seeks India's help in bribery case

Adani bribery case, Adani share price: US federal prosecutors have accused Gautam Adani of bribing Indian government officials to buy electricity from Adani Green Energy

Adani stocks, US SEC news: Adani stocks were reeling under selling pressure on Wednesday, February 19, 2025, as the US Securities and Exchange Commission (SEC) expanded its investigation against Adani Group in the alleged bribery case.

 

On the bourses, Adani Enterprises share price dropped 4.3 per cent intraday to hit a low of Rs 2,123.95 per share on the BSE. Adani Green Energy share price fell 4.2 per cent intraday, Adani Ports share price 2.6 per cent, Adani Power share price 2.5 per cent, Adani Energy Solutions share price 2.4 per cent, Adani Total Gas share price 2.4 per cent, and Adani Wilmar share price 2.4 per cent.

 

Ambuja Cement share price, meanwhile, declined 2.4 per cent while NDTV share price was flat.

 

Most of the Adani Group stocks were off lows by 11:55 AM, as against a 0.24 per cent rise in the benchmark BSE Sensex index.

 

Meanwhile, news agency Reuters has reported that the US SEC has sought help from the Indian Government in its investigation against Adani Group Chairman Gautam Adani, and his nephew, Sagar Adani, in an alleged $265-million bribery case.

 

"The SEC has requested assistance ... under the Hague service convention," the US SEC said in its court filing on Tuesday. READ MORE

 

The alleged bribery and securities fraud case belongs to 2024, when US federal prosecutors accused Gautam Adani of bribing Indian government officials to buy electricity produced by Adani Green Energy.

 

Adani, reports suggest, has been indicted by the US Department of Justice for allegedly paying $250 million in bribes to Indian government officials in exchange for the solar power contracts.

 

The prosecutors claimed Adani Group Chairman, later, misled US investors as he assured them about the company's anti-graft practices.

 

"Gautam Adani and Sagar Adani violated the antifraud provisions of the federal securities laws by knowingly or recklessly making false and misleading representations concerning Adani Green Energy Ltd in connection with a September 2021 debt offering by Adani Green," the SEC had said in its November 2024 complaint.

 

While the Adani Group is yet to respond the latest development, it had earlier called the accusations "baseless" and vowed to seek "all possible legal recourse"