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Nifty and Sensex opened lower on November 21, impacted by global and domestic issues, including rising geopolitical tensions from the Russia-Ukraine conflict and a $250 million bribery indictment against Gautam Adani. At 9:30 am, the Sensex fell 404.68 points (0.52%) to 77,173.70, while the Nifty dropped 147.20 points (0.63%) to 23,371.30, with a significant number of shares declining amid a cautious market atmosphere.
Shares of Adani Group plummeted after chairman Gautam Adani was indicted in a New York federal court for allegedly orchestrating a $250 million bribery scheme to secure solar energy contracts. Adani Enterprises fell 10%, while Adani Green Energy dropped 17.28%. The indictment also implicated two executives from Adani Green Energy and several former employees of Azure Power Global, amid ongoing scrutiny following previous allegations of accounting fraud by Hindenburg Research.
Adani Group's founder, Gautam Adani, has been charged in the US with a $250 million bribery scheme related to solar energy contracts in India. The indictment alleges that he, along with Sagar R Adani and Vneet S Jaain, made false statements to investors and obstructed justice by deleting evidence. The SEC has also filed a separate civil lawsuit against them.
GQG Partners' stock fell nearly 10% following US charges against Gautam Adani, alleging his involvement in a $250 million bribery scheme related to solar energy contracts in India. The firm is reviewing its investments in the Adani Group but notes that over 90% of its clients' assets are in unrelated issuers, ensuring portfolio diversification.
Traders are preparing for a challenging day as allegations against Adani Group founder Gautam Adani regarding involvement in a bribery scheme are expected to negatively impact the conglomerate's stocks and overall market sentiment. Shares of the group's lenders may also come under scrutiny. Meanwhile, NTPC Green Energy is optimistic that the growing interest in renewables will support its IPO.
Units of Adani Group have scrapped a $600 million bond following US charges against founder Gautam Adani for allegedly participating in a bribery scheme involving over $250 million to secure solar energy contracts. This decision comes after recent press releases from the Department of Justice and the Securities and Exchange Commission, leading to a significant drop in the group's existing US-currency notes. Despite past resilience against allegations, this incident highlights ongoing risks in emerging markets related to governance and regulatory scrutiny.
Gautam Adani, founder of the Adani Group, has been charged by US prosecutors for allegedly participating in a $250 million bribery scheme aimed at securing solar energy contracts from Indian government officials. Following the charges, dollar-denominated notes issued by the Adani Group plummeted, with some falling as much as 10 cents on the dollar. This decline marks a significant drop, particularly for Adani Electricity Mumbai notes, which fell by 8.6 cents, echoing the turmoil triggered by a previous short-seller report in 2023.
Nvidia reported a 94% year-on-year revenue surge to $35.08 billion for the third quarter, with net income rising 109% to $19.3 billion. Despite beating expectations, shares fell 2.5% in extended trading, as investors reacted to a slower growth rate compared to previous quarters. The company anticipates continued strong demand for its Blackwell chip, but expectations have heightened, leading to a desensitization to its remarkable performance.
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Asia-Pacific markets are expected to decline as investors react to Nvidia's strong but slowing quarterly results, with a 94% revenue increase to $35.08 billion. Meanwhile, Indian stocks are under scrutiny following the indictment of Adani Group's chairman for bribery and fraud. In the U.S., Federal Reserve officials express mixed views on inflation and interest rates, with some advocating for further rate cuts while acknowledging ongoing inflationary pressures.
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markets decline amid adani bribery case and global uncertainties
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