On November 21, both the Nifty and Sensex benchmark indices experienced significant declines. The Sensex closed at 77,155.79, dropping 422.59 points (0.54%), while the Nifty settled at 23,349.90, falling 168.60 points (0.72%). The market downturn was primarily caused by bribery charges against Gautam Adani, which further unsettled already fragile investor sentiment amid weak global cues.

The market opened with a steep sell-off following a New York court indictment alleging that Gautam Adani and seven others bribed Indian officials to secure solar energy contracts. As a result, Adani Group stocks plummeted by as much as 20% during intraday trading, leading to a staggering loss of Rs 2.2 lakh crore in market capitalization. This negative sentiment affected various sectors, particularly public sector banking stocks, which experienced notable losses.

The market breadth was unfavorable, with 1,179 shares advancing, 2,606 shares declining, and 89 remaining unchanged. Investors are closely monitoring the situation as it unfolds due to its implications for broader market stability.