India Indexes Attempt to Rebound, Adani Group Stocks Extend Losses

Arun Goswami
22 Nov, 2024
Mumbai

Stock market indexes extended weekly losses, and Adani Group stocks remained in focus for the second day in a row. 

The Sensex index gained 0.3% and the Nifty index fell 0.2% as investors awaited more information on Adani Group's plan to defend the U.S. allegations. 

The U.S. Department of Justice charged Gautam Adani and several executives for their alleged role in the bribery scandal surrounding solar panel contracts and failing to disclose the scheme to U.S. investors while raising funds through the sale of loans and bonds in New York between 2021 and 2024. 

The U.S. Securities and Exchange Commission leveled its charges for the bribery scheme of about $265 million. 

Adani Green Energy canceled its $600 million (about ₹5,000 crore) bond offering in New York following the charges, as the sprawling conglomerate looks for alternative ways to finance its solar energy projects. 

The U.S. Department of Justice has a history of investigating foreign companies and individuals with mixed success, and in the past many of these charges have proven to be politically motivated. 

The DOJ has so far failed to prosecute and convict president-elect Donald Trump, who is widely known for his illegal and aggressive business practices, but the federal agency has resources to investigate foreign business practices. 

The federal agency has yet to bring charges against president-elect Trump, Trump campaign, and Trump organization executives for using campaign funds to support his private businesses and playing a key role in the January 6th, 2021 violent riots and insurrection that killed several people, including a law enforcement official. 

Moreover, Saudi investment of $2 billion in Affinity Partners, a fund controlled by Jared Kushner, Donald Trump's son-in-law, is widely seen as a payback to Trump. 

Kushner has collected more than $110 million in fees and so far failed to deliver any returns to its investors. 

Egypt's president Abdel Al Fatah Al-Sisi's $10 million payment of Donald Trump's 2016 campaign for the alleged bribes is consistent with Trump’s record of selling out the White House to corrupt foreign autocrats. 

The Sensex index increased 0.3% to 77,349.80, and the Nifty index raised 0.3% to 23,4911.80. 

For the week as of Thursday's closing, the Sensex index declined 1.5% and the Nifty index fell 0.3%. 

 

India Stock Movers

Adani Enterprises declined 4.3% to ₹2,090.65, Adani Energy Solutions dropped 6% to ₹655.25, Adani Green Energy plunged 9.9% to ₹1,032.10, and Adani Ports and Special Economic Zone eased 4% to ₹1,068.25. 

Afcons Infrastructure increased 1.8% to ₹496.0 after the company won a civil works contract worth ₹1,274 crore from Uttarakhand Project Development and Construction Corporation. 

Raymond Ltd. increased 1.6% to ₹1,449.90, and the company received approvals from the BSE and the NSE for its plans to separate Raymond Realty. 

LTIMindtree Inc. increased 1.1% to ₹5,998.0 after Life Insurance Corporation of India raised its stake in the company to 7.03% from 5.03%.