New Delhi: Shares of Adani group companies tumbled up to 13 per cent Friday amid reports that the US Securities and Exchange Commission has sought the court’s approval to serve summons to Gautam Adani and Sagar Adani over alleged fraud and a USD 265-million bribery case.
The stock of the group’s flagship firm, Adani Enterprises, plunged 9.38 per cent to Rs 1,891.60 apiece, Adani Power dropped 8.84 per cent to Rs 128.35, Adani Ports plunged 7.81 per cent to Rs 1,303.35, and Adani Total Gas by 7.55 per cent to Rs 507 on the BSE. Adani Ports was the biggest loser on the 30-share index.
Adani Green Energy Ltd tanked 13.20 per cent to Rs 785 after the company reported a consolidated net profit of Rs 5 crore for the December quarter 2025.
This marks a 99 per cent year-on-year (YoY) fall from the Rs 474 crore net profit reported in the corresponding quarter of the previous financial year.
Shares of Adani Energy Solutions Ltd (AESL) tumbled by 10.57 per cent to Rs 827.20 on the bourse after the company posted an over 8 per cent decline in consolidated net profit to Rs 574.06 crore in the December quarter, mainly due to higher tax expenses.
During the session, the stock also hit a lower circuit level.
The weak quarterly results and regulatory developments dragged down other group stocks as well. The scrip of Ambuja Cements declined 5.98 per cent to Rs 513.50, Sanghi Industries by 5.96 per cent to Rs 60.06, NDTV by 5.31 per cent to Rs 80.72, and ACC by 2.76 per cent to Rs 1,680 per piece.
Meanwhile, the 30-share BSE Sensex plunged 769.67 points to settle at 81,537.70, while Nifty dropped 241.25 points to 25,048.65.
According to reports, the US SEC told a court in Brooklyn, New York, that it has been unable to secure assistance from Indian authorities in delivering the summons. Thereafter, the regulator has sought permission to serve the notices to Gautam Adani and Sagar Adani through email.
The lawsuit was filed in November 2024, accusing Gautam Adani and Sagar Adani of flouting US securities laws by making false and misleading statements related to Adani Green Energy Ltd.
However, the Adani group denied the charges of paying a bribe to secure favourable terms for solar power contracts, saying the allegations by US prosecutors are baseless and the conglomerate is compliant with all laws.
It said all possible legal recourse will be sought.
“The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” the group spokesperson said in a statement.
PTI
