Adani Group stocks plunged in Friday’s session to as low as 15% intra-day in select cases. The sharp sell-off in the group companies came after the US markets regulator, Securities and Exchange Commission (SEC), sought a federal court’s grant to personally email summons to Gautam Adani and Sagar Adani, his nephew, who is the group executive.
Adani Group stocks: $265 million bribery case
The summons is regarding an alleged fraud and a $265 million bribery case. The US laws require that the summons and a copy of the complaint must be delivered in person to the accused to notify them of the case against them. SEC said that India’s Law Ministry rejected its request twice in the last 14 months.
The SEC has claimed that, given the public statements made by the chairman of the Adani group regarding the case, and the fact that both he and Sagar Adani have hired legal firms for their defence, it can be reckoned that they are aware of the allegations against them. Therefore, the SEC is requesting the court’s permission to utilise alternative methods for delivering summons to them, specifically, via email and through their legal representatives in the US.
How Adani Group stocks reacted
A quick look at the list of Adani Group stocks shows that Adani Green Energy was among the worst hit. The stock plunged nearly 15% during the session. The sharp fall was due to investors reacting to the legal overhang and rising uncertainty around the group’s overseas regulatory challenges.
Similarly, Adani Energy Solutions also saw deep losses. The share price of the company declined by close to 12%.
Adani Enterprises, the flagship company of the group, dropped over 10%. The stock faced pressure throughout the session, dragging the overall group lower as it is seen as a key proxy for the Adani Group’s business outlook.
Adani Ports & Special Economic Zone slipped more than 7%
Adani Total Gas fell nearly 6%, while Adani Power declined around 5.5%. Both stocks moved lower in today’s trading session
Adani Group cement companies
Ambuja Cements and ACC, both part of the Adani Group’s cement portfolio, also traded in the red. Ambuja Cements slipped about 5%, while ACC declined over 3%.
Sanghi Industries and Orient Cement also saw declines of over 5% and nearly 5%, respectively, in the Adani-linked cement stocks during the session.
SEC Vs Adani Group – What’s happened so far
The indictment from the US, which was revealed in November 2024, charged executives of the Adani group with participating in a scheme to bribe Indian officials in order to purchase electricity generated by Adani Green Energy, a subsidiary of the Adani group.
In 2025, Adani’s representatives met with Trump officials for the relief deal to drop the bribery and fraud charges, as per a report by Bloomberg. However, the discussion hit a roadblock as India-US tensions mounted over India’s oil trade with Russia.
Nonetheless, as the trade deal between the US and India came to a halt, the Trump administration officials told Adani’s lawyers that the deal would not take place, as per a Bloomberg report.