Adani Group stocks fell up to 7 per cent in morning trade on BSE on Tuesday, November 26, a day after ratings agency Fitch put some group bonds on watch for a possible downgrade after US bribery charges.
Adani Green Energy’s share price saw the steepest decline, falling 7 per cent, followed by a 5 per cent drop in Adani Energy Solutions.
Shares of the flagship firm Adani Enterprises fell nearly 4 per cent, while Adani Total Gas, Adani Power, and Adani Wilmar each declined 3 per cent.
Adani Ports and Ambuja Cements stocks slipped around 2 per cent each, while ACC and NDTV shares dropped by 1 per cent each.
According to a Reuters report, Fitch has put some Adani Group bonds on watch for a possible downgrade after US authorities indicted some of its key executives on bribery charges.
“Adani Energy Solutions Ltd, Adani Electricity Mumbai and some of Adani Ports and Special Economic Zone rupee and dollar bonds are now on watch negative,” the report said, quoting Fitch.
In a rough patch
Adani Group stocks suffered massive losses on Thursday, November 21, after the US indicted the group’s Chairman Gautam Adani and some other top executives over their role in an alleged multibillion-dollar bribery and fraud scheme.
As Mint reported earlier, the US securities regulator claimed that Adani Green raised more than $175 million from US investors, and Azure Power’s stock was traded on the NYSE. The scheme allegedly enabled the two renewable energy companies to capitalise on a multi-billion-dollar solar energy project opportunity.
Shares of Adani Enterprises crashed 23 per cent on Thursday. However, it saw mid gains of 2 per cent and 1 per cent in the following two sessions.
