The Nifty 50 touched a five-month low on Thursday amid a fresh market rout, as Adani Group stocks suffered heavy losses, following a US court indictment of Gautam Adani and others over a multi-million dollar bribery case.

Shares of all Adani Group companies ended Thursday’s trading session with losses of up to 25%, after US prosecutors have charged Gautam Adani with allegedly participating in a scheme which involved promising to pay over $250 million in bribes to Indian government officials to secure solar energy contracts. Group companies lost ₹2.3 lakh crore in market capitalisation so far.

The Sensex fell 423 points to 77,156, while the Nifty dropped 169 points to 23,350. Adani Enterprises was the top Nifty 50 loser, plunging 23.4% at the end of the session.

The Midcap Index lost 163 points, and the Nifty Bank shed 254 points.
Power Grid saw sustained buying interest, emerging as the top Nifty gainer. Indian Hotels hit a record high, driven by the company’s goal to double revenue by 2030.

Other notable moves included Suzlon, which hit the upper circuit for the third consecutive session, and NLC which gained 6% after announcing a ₹3,720 crore investment. UPL rose 2% after Alpha Wave Global bought a 12.5% stake in its arm, Advanta.

Paytm rose more than 3%, buoyed by a positive brokerage note from Bernstein. Swiggy ended a six-day losing streak, gaining nearly 2%.

On the downside, PSP Projects fell 10% after Adani Infrastructure announced a 30% stake buy at ₹642/share.

Sammaan Capital extended Tuesday’s rally, rising 7% after Moody’s reaffirmed its rating.

Market breadth was negative, with the advance-decline ratio at 1:3.