New Delhi: Adani Group stocks – Adani Enterprises, Adani Green Energy, Adani Ports, Adani Wilmar, NDTV, Adani Total Gas, Adani Energy Solutions, ACC, Adani Power and Ambuja Cements are expected to be in focus on November 21 (Thursday) after the US Securities and Exchange Commission (SEC) has charged billionaire Gautam Adani, founder and chairman of the Adani Group, with allegedly defrauding American investors and bribing officials.
Adani Enterprises share price closed at Rs 2,817, Adani Green Energy ended at Rs 1407, Adani Power at Rs 522.45, Adani Total Gas finished at Rs 671.40, Adani Energy Solutions stock closed at Rs 869.50, NDTV at Rs 168, ACC share price at Rs 2184.80 and Ambuja Cements at Rs 552.40 and Adani Wilmar ended the day at Rs 327.
Billionnaire Adani and his nephew Sagar Adani, along with executives of Adani Green Energy Ltd, and Cyril Cabanes, an executive of Azure Power Global Ltd were charged by the SEC on November 20. They were charged with the conspiracy to commit securities and wire fraud. The charges also included substantive securities fraud. Adani and others were indicted for their roles in a multi-billion-dollar scheme to fetch funds from US investors and global financial institutions by giving false and misleading statements.
While charging Gautam Adani and others, the US SEC framed the charges in a case related to a arrangement for Adani Green Energy Ltd and another firm to sell 12 gigawatts of solar power to the government of India. The charges alleged that the bribery scheme was orchestrated so that Adani Green and Azure Power could get the multi-billion-dollar solar energy project awarded by the Indian government.
The SEC charged Gautam Adani and his nephew, Sagar Adani, Executive Director of Adani Green’s Board for allegedly “engaging in the bribery scheme during a September 2021 note offering by Adani Green that raised $750 million, including approximately $175 million from U.S. investors.”
“As alleged, Gautam and Sagar Adani induced U.S. investors to buy Adani Green bonds through an offering process that misrepresented not only that Adani Green had a robust anti-bribery compliance program but also that the company’s senior management had not and would not pay or promise to pay bribes, and Cyril Cabanes participated in the underlying bribery scheme while serving as director of a U.S. public company,” said Sanjay Wadhwa, Acting Director of the SEC’s Division of Enforcement. “We will continue to vigorously pursue and hold individuals, including senior corporate officers and directors, accountable when they violate our securities laws.”
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
With the US SEC charging Gautam Adani in alleged bribery scheme, the Adani Group stocks – Adani Enterprises, Ambuja Cements, Adani Green Energy, NDTV, Adani Ports and others will be in news on November 21, 2024. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
