Fri Nov 22 11:08:07 UTC 2024: ## Adani Group Stocks Plunge Again After US Bribery Allegations and Kenya Deal Cancellation

**Mumbai, India** – Adani Group stocks experienced a second consecutive day of sharp declines on Friday, following allegations of bribery and fraud in the US and the cancellation of airport and power deals in Kenya. The combined market capitalization of the group’s 11 listed stocks plummeted by ₹38,000 crore (approximately US$4.6 billion), bringing the total loss over the past two trading sessions to ₹2.62 lakh crore (approximately US$31.8 billion).

Adani Enterprises, the group’s flagship company, saw its shares fall by 7%, closing at ₹2030. Other significant losses included Adani Ports (-5% to ₹1055.40), Adani Green Energy (-11% to ₹1020.85), and Adani Green Solutions (-8% to ₹628). Adani Power, Adani Total Gas, and Adani Wilmar also experienced declines of over 3% each. Only ACC and Ambuja Cement saw relatively flat trading.

The dramatic drop follows Thursday’s news of a US investigation into alleged billions of dollars in bribery and fraud involving Gautam Adani and seven other individuals. Adding to the group’s woes, Kenya cancelled its airport and power deals with the Adani Group.

The combined market value of the Adani Group has now fallen significantly, compounding the losses from Thursday’s massive 23% drop in Adani Enterprises shares. The ongoing investigations and deal cancellations have raised serious concerns about the future of the conglomerate.

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