The Benchmark indices including Nifty 50 and Sensex opened low on November 21, pressured by global and domestic challenges.
The Adani shares were in focus which crashed up to 20 percent after alleged allegations by US Securities and Exchange Commission. The allegations were charges of fraud and bribery.
The authorities allege that Adani and other executives including his nephew, Sagar Adani, paid over $250 million in bribes to the Indian Government officials to secure solar energy supply contracts.
It is further alleged that the contract generated profits to the Adani Group exceeding over $2 billion.
Market Condition of Adani Shares on Nov 21
The flagship firm Adani Enterprises tumbled 22.61%, with the price of Rs 2,183.65 as the closing price.
Adani Green Energies and Adani Energy Solutions shares fell up to 25%.
The Adani Group’s market capitalization plummeted by Rs 2.2 lakh crore in a single day.
Adani Group firms such as Adani Ports, Adani Wilmar, Adani Total Gas and Adani Power fell over 10 percent.
Some major banking stocks which were major lenders to the Adani Group were also hit. Banks such as Punjab National Bank, State Bank of India, and Bank of Baroda also saw a decline of almost 7% on the trading day.
(Note: The views and opinions expressed here are the author’s own and not those of the website or its management.)
