All Adani shares in red after report on expanding US government investigation | Top Vip News

Shares of all 10 Adani group companies traded lower on March 18 after Bloomberg reported that the US government had expanded its investigation of the conglomerate over suspicions of bribery.

Shares of flagship Adani Enterprises Ltd fell almost 4 per cent in early trade, while Adani Ports and Special Economic Zone Ltd lost almost 3 per cent.

At 11:03 a.m., Adani Wilmar Ltd and Adani Power Ltd were down more than one percent, while Adani Total Gas Ltd, Adani Energy Solutions Ltd, Adani Green Energy Ltd and Adani Energy Solutions Ltd were trading between 2 and 3 percent. hundred less.

Read also | The United States investigates the Adani Group for possible bribery

March 15th, Bloomberg had reported that the US government was investigating the conduct of founder and chairman Gautam Adani, and whether Adani entities or company affiliates were involved in bribing Indian officials to obtain preferential treatment on energy projects.

The U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s fraud unit were leading the investigation. Adani said he was not aware of any investigation against the company or its founder.

He Bloomberg The report comes a year after short seller Hindenburg Research accused Adani of fraud and market manipulation. The conglomerate had denied the allegations and was also cleared by the Securities and Exchange Board of India.

At 11.25 am, shares of Adani Enterprises were down 2.2 per cent at Rs. 3,065. The stock has gained almost 70 percent in the past year. Adani Ports, which was down almost 3 per cent on March 18, has gained more than 87 per cent in the past year.

The benchmark Nifty index was down 0.3 per cent at 21,962.40. Of the total 50 stocks of Nifty, 30 stocks were trading lower and 20 were trading in the green.

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