Adani stocks partially recover from day's lows after Adani Group terms US bribery charges as 'baseless'

Adani stocks showed partial recovery on November 21 after the ports-to-power conglomerate clarified that it is "fully compliant with all laws" amid indictment by US prosecutors for chairman Gautam Adani's alleged role in a $265-million scheme.

Gautam Adani and seven others have been charged by US prosecutors over his role in an alleged years-long scheme to pay $250-million bribe to Indian officials in exchange for favourable terms for solar power contracts.

Adani Group said in a statement that the allegations were "baseless and denied", adding that it would seek "all possible legal recourse".

On November 21, Adani Ports' stock on BSE recovered over 10 percent after hitting a day's low of Rs 995.65 and, at 1:55 pm, was trading at Rs 1,143.65, still nearly 10 percent lower.

Also, shares of Adani Group flagship Adani Enterprises recouped nearly 5 percent from day's low of Rs 2,172.5, and at 1:55 pm, was trading at Rs 2,358.45, still 16 percent lower. Adani Enterprises' shares tumbled as much as 23% to their lowest since November 2023 for its worst one-day drop since February last year.

Other Adani stocks also staged partial recovery. NDTV stock was briefly in green as well.

At day's lows, Adani Group's listed firms' collective market capitalisation eroded by a whopping Rs 2.2 lakh crore.

Adani Power shares recovered by 8 percent intraday to trade at Rs 476.8 apiece on November 21, but still lower by 9 percent from previous day's low. Ambuja Cements'