Tue Nov 26 04:21:48 UTC 2024: ## Adani Group Stocks Tumble After TotalEnergies Freezes Investments Amid Bribery Allegations

**Mumbai, India** – Shares of several Adani Group companies experienced significant declines on Monday following a statement from French energy giant TotalEnergies. The company announced it will halt all new financial contributions to its Adani investments until bribery allegations against Gautam Adani, the group’s founder, are resolved.

Adani Green Energy, where TotalEnergies holds a significant stake, plummeted 8%, reaching a low of 11% during the day’s trading. Other Adani companies also saw losses, including Adani Energy Solutions (-3.78%), Adani Power (-3.02%), NDTV (-2.07%), and Adani Total Gas (-1.43%). However, some Adani companies bucked the trend, with Adani Ports, ACC, Adani Enterprises, Adani Wilmar, and Ambuja Cements posting gains.

The sell-off followed a US indictment alleging Adani and two other executives paid $265 million in bribes to secure solar power contracts. TotalEnergies clarified that the indictment doesn’t target Adani Green Energy itself, but it is suspending further investment until the matter is resolved.

The Adani Group has vehemently denied the allegations, stating they are baseless and vowing to pursue legal action. Separately, the group also refuted reports of Kenya cancelling billions of dollars worth of deals, clarifying that no binding agreements for airport operations had been finalized. While a subsidiary was incorporated to pursue airport development projects in Kenya, the group stated that no contracts have been awarded.

Despite the turmoil within the Adani Group, broader Indian markets saw significant gains, with the BSE Sensex and NSE Nifty indices both recording substantial increases.

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