Adani Bribery Allegations Trigger Market Crash: Nifty, Sensex Plunge
What Happened to Adani Group Stocks?
Trigger: A U.S. Justice Department investigation into alleged bribery and corruption.
Adani Group stocks plunged up to 20%.
Details of the U.S. Investigation
Azure Power Global is also involved, raising concerns over governance.
The probe centers around claims of $265M in bribes allegedly paid to Indian officials.
Background of the Allegations
The allegations have further fueled market concerns over governance.
This investigation follows previous accusations by Hindenburg Research related to stock manipulation.
Market Indices React to the News
Sensex
: Drops by 422.59 points, closing at 77,155.79.
Nifty
: Falls below 23,350, down 168.60 points.
Impact on Adani Group’s Debt and Bonds
Adani’s dollar-denominated bonds fall sharply, with some dropping by 15 cents.
Adani Green Energy cancels $600M bond issuance due to ongoing legal issues.
Ripple Effect Across Sectors
PSU banks, energy, and metal stocks suffer losses as global investors adopt a cautious stance.
The crash in Adani stocks ripples through other sectors
Adani Group’s Response and Market Outlook
Investors are watching closely as the situation unfolds and its impact on the market continues.
Adani Group denies the bribery allegations and pledges to take legal action.
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