Adani group stocks plunge as U.S. SEC looks to question founder over fraud charges

Shares of Adani Group companies fell betwixt 5 to 12% connected Friday aft reports that the U.S. Securities and Exchange Commission is seeking to nonstop summons to laminitis Gautam Adani and nephew Sagar Adani connected charges of bribery and fraud.

Indian billionaire Gautam Adani, seat of India's Adani Group and 1 of the world's richest people, was indicted with 7 different men successful New York national tribunal successful November 2024 connected charges related to a monolithic bribery and fraud scheme.

According to a Bloomberg study connected Friday, the SEC has approached a U.S. District Judge, Nicholas Garaufis successful Brooklyn, seeking support to contented a ineligible summons to Adani Group Chairman Gautam Adani and the enforcement manager of Adani Green Energy, Sagar Adani. CNBC has reached retired to Adani Group for comment.

Shares of Adani Green Energy plunged 12% portion those of the flagship institution Adani Enterprises fell implicit 8% connected Friday. Shares of Adani Power dropped 5%.

The Adani Group executives are charged with misleading U.S. and planetary investors astir their company's compliance with anti-bribery and anti-corruption practices, arsenic they raised much than $3 cardinal successful superior to money those vigor contracts.

The SEC told the tribunal it had repeatedly sought assistance from the Indian authorities to present the summons but was unsuccessful, according to the Bloomberg report.

Adani and respective different defendants are accused of having paid Indian authorities officials much than $250 cardinal successful bribes to get star vigor proviso contracts worthy much than $2 cardinal successful profits.