Gautam Adani

Adani Wilmar shares are lower by 17% in 2024. JPMorgan's note has ascribed an Underweight with a target of Rs 320 per share, adding that the company has significant sourcing, supply chain and scale advantages.

UBS downgraded GQG from a buy to a neutral rating and reduced the stock's price target from A$3.30 to A$2.30

Gautam Adani broke his silence on the matter nearly two weeks after US prosecutors charged him with helping drive a $250 million bribery scheme.

US authorities accused Adani, his nephew and executive director Sagar Adani as well as managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian solar power supply contracts

Ministry of External Affairs spokesperson Randhir Jaiswal said the Indian government was not informed about the issue in advance

The rise in Adani stocks came after Adani Green Energy clarified that recent reports alleging bribery and corruption charges under the FCPA were inaccurate.

Adani Green has said statements claiming that Gautam Adani, Sagar Adani and Vneet Jaain have been charged with violating FCPA are incorrect

Meanwhile, others like Adani Power, and Adani Green Energy also witnessed buying from lower levels which lifted these stocks 3-6 percent higher in morning trade, However, the stocks failed to hold onto their gains and slipped back into the red.

Summons have been sent to Adani's Shantivan Farm residence in Ahmedabad and his nephew Sagar's Bodakdev residence in the same city for a reply to SEC within 21 days

Improved investor sentiment, driven by positive global cues and a realisation that the Adani bribery case may not significantly impact overall markets, fuelled the rally, said experts.

JPMorgan analysts said Indian banks' exposure to the group was around 0.3% of outstanding loans as of March and that the loans were backed by asset cover

The analysts pointed to short-term debt of about $2 billion, largely in the form of project loans, at Adani’s green energy unit.

Sebi has asked officials at the stock exchanges if Adani Green Energy failed to properly disclose the US Justice Department’s investigation into bribery allegations, the people said, asking not to be identified as the details are private.

On November 21, shares of GQG Partners, which holds a combined stake of nearly 20% in four Adani firms, fell more than 19% after Gautam Adani was charged with bribery and fraud in New York

By noon on November 22, Adani Enterprises, Adani Ports and SEZ, Adani Green Energy and other group stocks were up as much as 3-4 percent. The gains come Gautam Adani group firms losing Rs 2.2 lakh crore in market capitalisation the previous day.

At her daily news conference, White House Press Secretary Karine Jean-Pierre told reporters on Thursday that the administration is aware of the charges against Adani.

S&P's rating outlook revisions come in the wake of US prosecutors indicting Gautam Adani and two other board representatives for their alleged involvement in a $250 million bribery scheme related to solar power contracts in India.

Adani Group’s listed firms suffered a combined market capitalisation loss of Rs 2.2 lakh crore, marking one of the steepest single-day declines in the group’s history, after US federal prosecutors filed charges of bribery against founder Gautam Adani.

Ruto also directed the cancellation of a more than $700-million deal the energy ministry had signed with a unit of the Adani Group to construct power transmission lines

The US DOJ has accused the company of not disclosing developments pertaining to the anti-bribery probe to the US based bondholders while selling them bonds.