Fri Nov 22 00:44:12 UTC 2024: ## Adani Indictment Sends Shockwaves Through Indian Stock Market
**Mumbai, November 21, 2024** – Indian stock markets plummeted on Thursday following the indictment of Adani Group Chairman Gautam Adani by US prosecutors on bribery charges. The Sensex fell 468.17 points to 77,110.21, and the Nifty dropped 179.75 points to 23,338.75, in early trading.
The sharp decline was triggered by a 10% drop in Adani Ports shares after Adani was accused of orchestrating a $250 million bribery scheme to secure favorable solar power contracts in India. Other Adani group stocks also experienced significant losses. This, coupled with continued foreign fund outflows (Rs 3,411.73 crore outflow on Tuesday), and weak Asian markets, contributed to the overall market downturn.
While some IT companies like Infosys and TCS saw gains, several major banks and industrial firms experienced losses. State Bank of India, IndusInd Bank, NTPC, and Tata Motors were among the significant laggards.
The indictment comes after a four-day rally in Indian markets, which saw the Sensex close up 0.31% on Tuesday. However, Thursday’s sharp reversal highlights the market’s sensitivity to the ongoing developments surrounding the Adani Group. Global oil prices saw a slight increase, with Brent crude trading at $72.99 per barrel.
First Piper 