The stock market recovered from the steep downturn it saw after the US Securities and Exchange Commission (SEC) announced it was pressing charges against Adani Group chairman Gautam Adani in a bribery and fraud case.
Adani group stocks, however, continued their decline after a $27 billion drop in market value in the previous session.
The benchmark BSE Sensex gained 479.97 points or 0.62%, rising to 77,635.76 on Friday, November 22, 2024 at 10 am IST.
Meanwhile, the broader NSE Nifty rose to 23,502.40, which was a gain of 152.50 points or 0.65%.
The Adani group stocks went down as much as around 20% on Thursday.
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How did the Adani Group shares perform?
Adani Green Energy Ltd, the main company involved in the case, recovered a little, but was still down 7.90% or ₹90.60 in the red, trading at ₹1055.80.
For reference, it closed 18.80% into the red on Thursday.
Meanwhile, Adani Enterprises Ltd, the flagship Adani Group company saw its share prices recover much more significantly. It is trading at ₹2126.50, which is just about 2.57% or ₹56.05 down in the red.
It closed, falling by a whopping 22.61% into the red, or at ₹2,182.55 on Thursday.
Adani Power Ltd went 3.37% down to reach ₹460.10 when it closed 9.15% down on Thursday.
Adani Ports and Special Economic Zone Ltd saw its shares trade 3.58% down at ₹1,074.80, compared to closing 13.53% down previously.
Adani Wilmar Ltd shares were down 3.52% or at ₹284.10, after closing 9.98% down yesterday.
Adani Total Gas Ltd shares were down 2.30%, trading at ₹588.50. It previously closed 10.40% down.
Ambuja Cements Ltd was actually 1.35% into the green, trading at ₹490.30, compared to being 11.98% down yesterday.
ACC Ltd shares were also in the green, trading at ₹2,057.15 which was 1.55% up, compared to closing 7.29% down yesterday.
New Delhi Television Ltd shares fell a little more by 0.30%, trading at ₹167.75, compared to the 0.06% drop at its close.
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What are charges against Gautam Adani?
The SEC charged Gautam Adani, Sagar Adani, and Cyril Cabanes, an executive of Azure Power Global Ltd for misleading US investors, alleging a massive bribery scheme with the Indian government.
The US market regulator said the scheme was to secure a commitment of the Indian government buying energy from them at above-market rates that would benefit Adani green and Azure Power.
“As alleged, Gautam and Sagar Adani induced US investors to buy Adani Green bonds through an offering process that misrepresented not only that Adani Green had a robust anti-bribery compliance program but also that the company’s senior management had not and would not pay or promise to pay bribes, and Cyril Cabanes participated in the underlying bribery scheme while serving as director of a US public company,” said Sanjay Wadhwa, Acting Director of the SEC’s Division of Enforcement. “We will continue to vigorously pursue and hold individuals, including senior corporate officers and directors, accountable when they violate our securities laws.”
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