Thursday, November 21, 2024 - Adani Group has lost $34 billion (Sh 442 billion) in market value on Thursday after U.S. prosecutors charged its billionaire chairman, Gautam Adani, in an alleged bribery and fraud scheme.
Gautam Adani's flagship Adani
Enterprises tumbled as much as 23% to its lowest since Nov. 2023 for its worst
one-day drop since February last year.
Other Adani Group companies, including Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar, Adani Energy Solutions, ACC Ambuja Cement, and NDTV, saw their shares drop by 6% to 19%.
"Normally investors do not
like any lapse of corporate governance and till time there is
clarification, investors will shy away from Adani group stocks," said
Saurabh Jain, a retail equities analyst at SMC Global Securities.
In a statement, Adani Group dismissed
the accusations as "baseless and denied", and vowed to seek "all
possible legal recourse".
The Kenyan DAILY POST
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