Adani Group Stocks Falter Amid Bribery Allegations

Adani group stocks faced a decline as TotalEnergies halted new investments pending bribery charge clarifications against founder Gautam Adani. Adani Green Energy fell by 8%, while other firms also saw mixed results. The group denied binding agreements in Kenya amid related allegations.

Shares of several Adani group companies, including Adani Green Energy, saw significant declines on Monday following TotalEnergies' decision to suspend new financial contributions until bribery allegations against Gautam Adani are resolved. Adani Green Energy's stock dropped by 8.05%, closing at Rs 967.65, after falling as much as 11% earlier in the day.

TotalEnergies, a major foreign investor in Adani's renewable and gas ventures, cited a recent indictment by US authorities accusing Adani and associates of bribing Indian officials to secure solar power contracts. The French firm's statement emphasized that their decision does not reflect upon AGEL or its subsidiaries directly.

Meanwhile, Adani's group refuted claims surrounding the cancellation of a $2.5 billion airport deal in Kenya, stating no formal agreements had been made. Despite external pressures, Adani Ports and others like ACC and Adani Enterprises showed resilience, posting gains amidst the turmoil.

(With inputs from agencies.)