Adani Group Stocks under Pressure in US Probe: Latest Updates | Mumbai News – Times of India

by The Technical Blogs

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MUMBAI: In Monday’s relatively steady trading session, stocks of all Adani group companies were under pressure on the back of reports that the US Justice Department was expanding its investigation into the conglomerate to check possible bribery by the group companies. Dollar-denominated bonds of some of the group companies also saw a slide in prices as a result of the news reports.
Among the group’s stocks, Adani Total Gas lost 4.4% while Adani Transmission closed 3.4% lower and Ambuja Cement 2.8% down. Group flagship Adani Enterprises, after sliding over 5% in early trades of the day, cut most of the losses and closed a marginal 0.7% lower, BSE data showed.
US investigators are investigating if an Adani entity, or people linked to the company including Gautam Adani — the group’s chairman and main promoter — were involved in paying officials in India for favourable treatment on an energy project, a report by Bloomberg said. In a statement, Adani group said that it was not aware of any investigation against its chairman.
The probe by the US authorities, which is also looking at Indian renewable energy company Azure Power Global, is being handled by the US Attorney’s Office for the Eastern District of New York and the Justice Department’s fraud unit in Washington, the news report said, quoting people familiar with the matter but without naming them. None from Adani group or its associate companies have been charged by the US authorities.

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