Sharp sell-off in Adani Group stocks as Sensex, Nifty tumble
Equity benchmark indices Sensex and Nifty tumbled on Thursday amid a sharp fall in Adani group stocks after billionaire industrialist Gautam Adani was charged in the US for alleged bribery and fraud.
Besides, relentless foreign fund outflows and weak trends in Asian and European peers also dragged benchmark indices lower.
The BSE benchmark Sensex tanked 422.59 points or 0.54 per cent to settle at 77,155.79. During the day, it lost 775.65 points or 0.99 per cent to 76,802.73.
Adani Green scraps $600 mn bond sale
President William Ruto said the decision was made “based on new information provided by our investigative agencies and partner nations.” He didn’t specify the US.
As many as 2,736 stocks declined, while 1,237 advanced and 92 remained unchanged on the BSE. The NSE Nifty slumped 168.60 points or 0.72 per cent to 23,349.90.
“From the 30-share Sensex pack, Adani Ports tumbled over 13 per cent after Gautam Adani was charged by US prosecutors over his role in an alleged years-long scheme to pay USD 265 million bribes to Indian officials in exchange for favourable terms for solar power contracts.
All other Adani group stocks, including Adani Enterprises, Adani Energy Solutions, Adani Ports and Adani Green Energy, fell sharply by up to nearly 23 per cent.
State Bank of India, NTPC, ITC, Asian Paints, Bajaj Finance and Bajaj Finserv were also among the major laggards.
