Adani Group’s plunged up to 20% on Thursday after he was indicted by U.S. prosecutors on charges he duped investors in a solar energy project in India by concealing that it was being facilitated by an alleged bribery scheme.
In an indictment unsealed by federal prosecutors in New York on Wednesday (November 20, 2024), Gautam Adani, 62, was charged with securities fraud and conspiracy to commit securities and wire fraud.
Also read: Gautam Adani U.S. indictment LIVE
The flagship company Adani Enterprises witnessed a sharp decline of 20% in its share value, while Adani Energy Solutions experienced an identical drop. Adani Green Energy saw a reduction of 19.17%, Adani Total Gas decreased by 18.14%, Adani Power fell by 17.79%, and Adani Ports registered a 15% decline on the BSE.
Ambuja Cements and ACC also recorded a significant fall of 14.99% and 14.54% respectively. NDTV shares fell by 14.37%, while Adani Wilmar recorded a 10% decrease in its value.
Adani Enterprises
Adani Enterprises Limited (AEL) is a multinational publicly-listed holding company and a part of Adani Group. Through its various subsidiaries, Adani Enterprises is involved in edible oils and staple foods, airport operations, solar PV manufacturing, road infrastructure, among several other sectors.
Adani Green Energy
Adani Green Energy Limited is one of the largest renewable companies in India, with a current project portfolio of 20,434 MW. The company operates Kamuthi Solar Power Project, one of the largest solar photovoltaic plants in the world.
Adani Power Limited
Adani Power Limited, a part of the diversified Adani Group, is the largest private thermal power producer in India. APL possesses a power generation capacity of 15,250 MW comprising thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand, and a 40 MW solar power project in Gujarat.
Adani Total Gas
A joint venture between Adani Energy Solutions (37.4%) and UK’s Total Energies formed in 2005, Adani Total Gas Limited is among the four biggest distributors of municipal gas in India. It operates in 34 geographical areas and another 19 through a joint venture with Indian Oil. It also focuses on CNG, biogas, and EV mobility.
Adani Transmission
Headquartered in Ahmedabad, Adani transmission is one of India’s largest private sector electric power transmission companies.
Adani Wilmar
A multinational FMCG joint venture between Adani Enterprises (44%) and Singapore’s Wilmar International (44%) formed in 1999. It deals in the processing and sale of a variety of edible oils, flour, rice and more through brands like Fortune Foods which is also exported to the Middle East, South-East Asia, and Africa. Recently, Adani Enterprises cancelled a demerger of its stake in the venture until the venture meets public shareholding norms first.
Adani Ports and Special Economic Zones
Adani Ports and Special Economic Zone Limited (APSEZ) is the largest commercial ports operator in India accounting for nearly one-fourth of the cargo movement in the country. Its presence across 13 domestic ports in seven maritime states of Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
ACC
Formerly known as The Associated Cement Companies Limited, it was a merger of eleven cement companies — belonging to industrialists like JRD Tata, Ambala Sarabhai and so on — into a single entity in 1936. The management control of the company was taken over by Swiss cement manufacturer Holcim Group in 2004. In 2022, Adani Group acquired Holcim’s stake in ACC.
Ambuja Cements
Formerly known as Gujarat Ambuja Cement Limited, it is a cement manufacturing formed in 1983. It entered into a strategic partnership with Holcim Group in 2006, which then had a controlling stake of 61.62% in Ambuja from 2010 to 2022. When Holcim left the Indian market, Adani Group acquired it’s stake.
NDTV
A broadcast and digital news network in India founded by Prannoy Roy and Radhika Roy in 1983. Adani Group acquired a 29.18% stake in NDTV by buying a company backed by the television network’s founder. Thereafter, it made an open offer to acquire stock from public shareholders, which led to an increase of 8.26% shareholding.
On December 2023, Prannoy Roy and Radhika Roy announced to sell 27.26% out of their remaining 32.26% shareholding in NDTV to the Adani Group, leading to an overall 64.71% stake.
Share market data from The Hindu Businessline
Published – November 21, 2024 04:12 pm IST
