U.S. probe hits Indian markets as Adani faces new legal troubles
Indian stock-market took a big hit after U.S. officials named **Gautam Adani** in a multi-million dollar case. The groupʼs shares dropped sharply while dragging down other sectors too
The Indian stock-market faced a rough day when U.S. authorities named Gautam Adani and seven others in a large-scale pay-off case
The market saw big drops as Adani group stocks fell hard - their flagship company lost over 22% while Adani Ports went down by 13% (these numbers made the whole market shake). The total hit to the groups market-value was near $27 billion
The U.S. claims say Gautam Adani and others including his nephew Sagar Adani gave money to Indian officials for getting sun-power projects; they think this wouldʼve made $2 billion over time. The group says its not true and will fight back in court
These claims are baseless
The news hit other parts of the market too - state banks went down 2.7% since people worry about their money in Adani firms. Its making things worse for markets that are already having a hard time with foreign money leaving; both main indexes lost value this month
- NSE Nifty dropped to 23‚349.9
- BSE Sensex fell to 77‚155.79
- Small-mid size companies lost 0.4%
- Ten out of 13 big sectors showed losses
The case brings back memories of last years Hindenburg thing - which also made people doubt the group. Some market-people think this new thing will make investors extra careful about putting money in Adani stocks
