Gautam Adani faces US bribery charges linked to a $250 million scheme, causing significant declines in Adani Group stocks, which fell up to 25% on November 21. The group's market capitalization dropped by Rs 2.2 lakh crore, impacting related companies and major lenders like SBI and PNB, whose stocks fell by up to 7%.
PSP Projects' share price plummeted over 9% on November 21, following US charges against Gautam Adani related to a Rs 2,100 crore bribery scheme for solar energy contracts in India. This decline occurred just after the announcement of Adani Infrastructure's acquisition of a 30.07% stake in PSP Projects for Rs 685 crore, which will lead to a reconstitution of the company's board. The stock hit an intraday low of Rs 609 on the NSE.
Dr Reddy’s Labs, JSW Steel, Tata Power, PSP Projects, Strides Pharma, UPL, and Aegis Logistics are in focus on Thursday due to significant market developments. PSP Projects is set to see a major shift as Adani Infra (India) has signed agreements to acquire up to a 30.07% stake from promoter Prahladbhai S Patel for Rs 685.4 crore, alongside an open offer for an additional 26% stake at Rs 642.06 per share.
Adani Infrastructure is set to acquire a 30.07% stake in PSP Projects from one of its founders for Rs 685 crore. Following the transaction, PSP Projects will reconstitute its board to include directors nominated by Adani Infra. On November 19, PSP Projects" shares closed 3.53% higher at Rs 666.6, with a market capitalization of Rs 2,666 crore.
PSP Projects" share price surged 10% to Rs 708 on November 19, following reports that the Adani Group is in advanced talks to acquire a 60.14% stake in the construction company. This potential acquisition could trigger an open offer for an additional 26% stake from public shareholders. Currently, PSP Projects has a market capitalization of Rs 2,800 crore, despite a more than 8% decline in stock value over the past year.
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