Adani Group Firms Lose $12.5 Billion in Market Value After SEC Seeks to Email Summons to Gautam Adani
India’s Adani Group companies lost about $12.5 billion in market capitalisation on Friday, after the U.S. Securities and Exchange Commission (SEC) asked a court for permission to personally email summons to founder Gautam Adani and group executive Sagar Adani in connection with alleged fraud and a $265 million bribery scheme, according to a Reuters report.
The selloff hit the group’s flagship firm Adani Enterprises, which emerged as the top percentage loser on the Nifty 50, plunging 10.65% to 1,864.2 rupees, while the benchmark index ended 0.95% lower. Across the group, stocks closed down between 3.4% and 14.54%, reflecting broad investor concerns after the SEC filing surfaced following market hours.
The case links to a U.S. indictment unsealed in November 2024, accusing Adani executives of participating in a scheme to pay bribes to Indian officials to secure electricity purchases involving Adani Green Energy. Reuters reported that India had earlier refused two requests to serve the summons, prompting the regulator’s latest move. The Adani Group has termed the allegations “baseless” and said it would pursue “all possible legal recourse.” Analysts said the development surprised markets and could weigh on sentiment in the near term.
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