Adani Group stocks plunge another 10% after the conglomerate faced significant pressure on Thursday, witnessing a sharp 23% decline as controversies surrounding the group intensified. Key developments include Kenya’s decision to terminate major contracts involving Adani and U.S. prosecutors indicting the conglomerate on bribery charges.
Adani Group Stock Performance
| Name of Stock | Stock Reaction Intra-day |
| Adani Enterprises | -7.23% |
| Adani Ports and SEZ | -5.38% |
| Adani Green Energy | -10.82% |
| Adani Power | -6.30% |
| Adani Energy Solution | -8.60% |
| Adani Total Gas | -5.81% |
| Adani Wilmar | -5.43% |
| Ambuja Cement | -1.44% |
Kenya cancels key contract with Adani Group
Kenyan President William Ruto announced the immediate cancellation of a procurement process for expanding Nairobi’s primary airport, which had included a proposal from Adani Group. In a state of the nation address, Ruto also ordered the termination of a $700 million project involving an Adani Group unit for building power transmission lines.
“I have directed agencies within the Ministry of Transport and the Ministry of Energy and Petroleum to immediately cancel the ongoing procurement,” Ruto stated, citing “new information provided by investigative agencies and partner nations.”
Adani Energy Solutions had recently secured a 30-year, $736 million public-private partnership with the Kenya Electrical Transmission Company in October. The contract was suspended by a Kenyan court within the same month.
U.S. Prosecutors Indict Adani Group on Bribery Allegations
Adding to the Adani Group’s challenges, U.S. prosecutors filed charges against the group, accusing it of conspiring with executives from a former New York-listed company in a $265 million bribery scheme involving Indian officials to expand its solar energy business.
Adani Group strongly denied these allegations, calling them “baseless,” while Indian government officials have not yet commented on the matter.
Stock Value Plummets Across Adani Group Companies
The news triggered a significant sell-off in Adani stocks, with the total market capitalization of all ten listed Adani Group companies tumbling to Rs 11.91 lakh crore on Thursday, down from Rs 14.24 lakh crore on Tuesday. This resulted in investor losses of approximately Rs 2.32 lakh crore in early trading.
Most Adani Group stocks experienced a sharp decline, with values dropping between 10% and 20%. The top five companies within the group—Adani Enterprises, Adani Wilmar, Adani Ports and SEZ, Adani Green Energy, and Adani Total Gas—took the hardest hit, losing a combined market cap of Rs 1.67 lakh crore.
Their total market cap, which was Rs 9.43 lakh crore on November 19, has now fallen to Rs 7.77 lakh crore.
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