Stock Market Crash: Adani shares fall over 20%

Stock Market Desk ( Alertooo Web Team ) – 21.11.2024

Once again saw a Stock Market Crashed on Thursday and the Sensex-Nifty opened. The 30-share Sensex of the Bombay Stock Exchange opened in the red and within a few minutes jumped 400 points to 77,110 levels. At the same time, the Nifty of the National Stock Exchange also slipped 124 points to 23,383 levels and as the market increased, the decline seemed to be even more sharp and the Sensex fell more than 600 points. Meanwhile, Indian billionaire Gautam Adani’s shares have seen a major decline. This decline in Adani stocks has been seen after news from the US, in which big allegations have been made against billionaire Gautam Adani.

At 9.40 am, the BSE Sensex was trading at 76, 935.77, down 642.61 points or 0.83 percent.

There was a big drop in the stock market on Thursday. The BSE Sensex was trading at 77,110, down over 400 points, before slipping to 23,338. On the last trading day on Tuesday, the stock market was green and the Sensex jumped more than 1000 points, but in the last trading hour, this initial boom turned into a sudden decline. The BSE Sensex ended 239.38 points higher at 77, 578.38. The Sensex fell over 850 points from the day’s high. The Nifty closed at 23, 518.50.

What happened to Adani’s shares in the Stock market?

On Thursday, amid the chaos in the stock market, most Indian billionaire Gautam Adani’s shares slipped and some stocks fell up to 20 percent. Adani Green Energy (20%) Adani Energy Solutions (20.00%) Adani Power (13.75%) Adani Ports (10.00%) Adani Wilmar (9.51%) were trading lower. Shares of Adani Enterprises slipped 10%, Adani Total Gas 14.70%, ACC Ltd 14.35%, Ambuja Cement 10.00% and NDTV 12.29%.

These claims made about Adani from America

This fall in Gautam Adani’s shares has been seen after news from the US. Serious allegations have been made against the Adani Group company like lying and giving bribes to get the contract. According to reports, Gautam Adani has been accused of paying a bribe of $265 million (about Rs 2236 crore) to his company Adani Green Energy Limited in the US to get a contract for a solar energy project and hiding it.

Adani Group said in a statement.

Now Adani Green’s statement has also come on this whole matter. “The US Branch of Equity and the SEC have given a prosecution against our board individuals, Gautam Adani and Sagar Adani, by the US Region Court for the Eastern Area of New York,” it said. The US Department of Justice has also roped in our board member Vineet Jain. In light of these developments, our subsidiaries have decided not to proceed with the proposed USD-denominated bond offerings for the time being. According to Bloomberg, Adani Group companies have canceled $600 million worth of bonds following the allegations from the US.

These shares also fell sharply.

Not only the shares of Adani Group but the stocks of many other big companies were also seen scattered amid the decline in the stock market. SBI shares (4.33%), IndusInd Bank shares (2.92%) and NTPC shares (2.55%) slipped. In the midcap space, apart from ACC shares, AWL shares fell 9.75 percent and GMR Infra shares fell 4.41 percent. Shares of yoga guru Baba Ramdev’s company Patanjali also fell over 3 percent.