Adani Stocks Plummet Amid Swiss Money Laundering Probe

Seven Adani Group stocks fell on Friday as Swiss authorities froze $311 million held by a Taiwanese resident over money laundering suspicions. This led to significant percentage drops in several Adani companies' shares. Adani Group denied any involvement in the proceedings, calling the allegations unfounded.

On Friday, seven Adani Group stocks faced a downturn after Swiss authorities froze $311 million held by a Taiwanese resident over alleged money laundering. The authorities suspect he might be a frontman for the Adani Group, a charge the conglomerate strongly denied.

Specifically, shares of Adani Power dropped 2.73%, Adani Energy Solutions declined by 2.42%, and Adani Ports fell by 1.37%. Similarly, Adani Green Energy, Adani Enterprises, Adani Total Gas, and Adani Wilmar also saw reductions ranging from 0.37% to 1.17% on the BSE.

Three Adani companies managed to buck the trend with ACC jumping 1.94%, NDTV climbing 1.01%, and Ambuja Cements edging up by 0.01%. However, intra-day trading revealed even sharper drops for several firms. The Adani Group vehemently denied any connection to the Swiss court proceedings or the frozen accounts.

(With inputs from agencies.)