Adani Group and its founder chairman Gautam Adani are in the eye of a new storm that appears to have engulfed the conglomerate and its future prospects. A US Federal court recently indicted Gautam Adani and seven others in a ‘mass bribery case’.
As per the US prosecutors, Adani bribed Indian officials in different Indian states to bag solar project contracts. As per US officials bribe worth USD 250 million or about Rs 2,100 crore was given to these officials.
As a consequence of this, the shares of Adani companies drowned in a pool of red. All of the conglomerate’s listed entities closed the day with colossal losses on Thursday, November 22.
Calm At Dalal Street For Adani
However, the new dawn appears to have brought back an element of tranquillity to the company shares. On Friday, November 22, almost all of Adani’s companies and their shares rebounded, making major gains.
Adani Group’s flagship, Adani Enterprises, after a period of decline earlier in the intraday trade soon came back to the green ways.
At the time of writing, the share of Adani Enterprises rose by a major 2.53 per cent or Rs 55.35. This took the overall value of company shares to Rs 2,239.00 per piece.
It was earlier in the day, that reports emerged Kenyan government announced that it had decided to cancel certain contracts awarded to the company. The Kenyan government canned contracts for the expansion of the Narobi airport along with the construction of power transmission lines in Kenya.
Adani Ports and Special Economic Zone Ld
The companies in question, Adani Ports and Special Economic Zone also saw its shares rise in the face of adversity.
The company shares surged by 1.68 per cent or Rs 18.75. This took the overall value of the shares to Rs 1,133.40 per piece.
Adani Power Ltd
Share of another company involved, Adani Power also rose marginally. Adani Power shares jumped by 0.39 per cent or Rs 1.85.
This took the overall value of the company shares to Rs 478.00 per piece.
Adani Green Energy Ltd
Meanwhile, the company in the middle of the current controversy, Adani Green Energy after trading in red for most of the day has climbed to green, with marginal gains.
The shares rose by 0.017 per cent or Rs 0.20. This took the overall value to Rs 1,145.90 per piece.
