Adani Group Stocks Bounce Back: Key Events Timeline – CNBC TV18

The past week has been a rollercoaster for the Adani Group stocks, but it seems like things are looking up as they have recovered most of the losses they incurred after the indictment of Gautam Adani and other group executives in the US. In fact, over the past week, the Adani Group stocks have added a whopping ₹1.7 lakh crore in market capitalization, with most companies seeing gains of 10% to 30% during this time.

Let’s take a look at the key events that have unfolded in the past 10 days:

On November 20, US prosecutors from the Department of Justice charged Gautam Adani and other executives of the Adani Group for allegedly planning a $265 million bribery scheme. This news shook the Indian markets, resulting in shares of all Adani Group companies closing with losses of up to 23.5%. Adani Enterprises Ltd. saw the biggest decline among the group companies, with a drop of 22.61%. Adani Green Energy and Adani Ports also closed lower by 18.8% and 13% respectively.

The following day, the Adani Group responded to these allegations by calling them ‘baseless’ and reiterating their commitment to the highest standards of governance and regulatory compliance. The group stated that they are fully compliant with all laws and regulations.

However, on November 25, French multinational Total Energies announced that they would be halting investments in Adani Group companies due to the indictment. This decision was made to await further clarification on the accusations against the group individuals and their potential impact. Despite this, US firm GQG Partners backed the Adani Group, stating that the bribery allegations would not have a significant effect on the company’s business. GQG Partners reaffirmed their investment thesis on Adani Group companies and maintained their exposure to the group.

In a positive turn of events, on November 27, International Holding Co’s Dubai branch also expressed their continued support for investments in the Adani Group, highlighting their confidence in the group’s contributions to the green energy and sustainability sectors.

Finally, on the same day, the Adani Group issued a clarification stating that neither the group nor its executives, Gautam Adani and Sagar Adani, have been charged with violations of the US Foreign Corrupt Practices Act over bribery. Additionally, they clarified that the civil complaint filed by the US Securities and Exchange Commission is not based on this issue. This clarification provided some relief and clarity amidst the ongoing situation.

Overall, the past week has been eventful for the Adani Group, but it seems like they are navigating through the challenges with resilience and support from investors and stakeholders.