Shares of all Adani Group companies ended Thursday’s trading session with losses of up to 25%, after the US District Court and the Securities & Exchanges Commission framed bribery charges against Gautam Adani and other executives of the group. Group companies lost ₹2.3 lakh crore in market capitalisation so far.

Adani Ports shares ended 13% lower, while those of Adani Enterprises, the flagship company of the group, ended 23.5% lower. Most of the other group stocks also declined between 10% to 20%. This was the worst single-day drop for shares of Adani Enterprises since February 2023.

Adani Group Stocks	Decline
Adani Enterprises	-23%
Adani Ports	-14%
Adani Green Energy	-19%
Adani Energy Solutions	-20%
Adani Power	-10%
Adani Total Gas	-10.4%
Adani Wilmar	-10%
ACC	-8%
Ambuja Cements	-13%
NDTV	0.2%

“In or about and between 2020 and 2024, Senior executives of an Indian renewable-energy company, which was a portfolio company of an Indian conglomerate, an issuer company that operated in the renewable-energy sector whose securities were traded on the US exchange and that issuer’s largest shareholder, a Canadian institutional investor, participated in a scheme to bribe Indian government officials to ensure execution of lucrative solar energy supply contracts with Indian Government entities,” the US District Court said in its order.

Post these developments, Adani Green Energy has also called off its US Dollar denominated bond sale.

Later on Thursday afternoon, the Adani Group issued a statement, calling all the allegations “baseless” and that it will seek every possible legal recourse. Most other group companies also issued similar clarifications.