Shares of Adani Green Energy Ltd slipped 3% on Monday after a report said bribery charges against billionaire Gautam Adani in the US seem to be supported by documents that will help prosecutors make a strong case against the Indian industrialist. Despite this, Adani is unlikely to be extradited to stand trial anytime soon, news agency Reuters said.
Reacting to the Reuters report, Adani Green Energy stock slipped 2.85% to Rs 1165.50 on BSE in the current session against the previous close of Rs 1199.75 on BSE.Market cap of Adani Green Energy fell to Rs 1.85 lakh crore. Total 3.04 lakh shares changed hands amounting to a turnover of Rs 36.02 crore.
The Adani Green Energy stock is down 23.25% in a year. The Adani Group stock has fallen 26.75% in 2024.
The large cap stock hit a 52-week high of Rs 2173.65 on June 3, 2024 and a 52-week low of Rs 870.90 on November 27, 2024. It has a high beta of 1.7, indicating very high volatility in the last one year.
However, Adani Green said in November end that Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the United States Department of Justice (DOJ) or civil complaint of the US Securities and Exchange Commission (SEC).
Adani Green Energy said only Azure & CDPQ officials charged with bribery in the US DoJ indictment and that there were no bribery charges against the Adani group executives
A recent US indictment alleged that Indian officials received $265 million in bribes between 2021 and 2022 to secure solar power-supply contracts across multiple states, including Andhra Pradesh. Of this, $228 million was allegedly paid to influence Andhra Pradesh’s state electricity distribution companies, leading to an agreement to purchase approximately seven gigawatts of solar power—the largest commitment of any Indian state.
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