Industrialist Gautam Adani, head of the Adani Group, is under scrutiny after US prosecutors accused him of bribery and fraud.
According to these allegations, Adani paid $250 million in bribes to secure favorable solar power contracts in India.
The contracts allegedly involved cooperation with certain Indian officials. However, the Adani Group has firmly denied these claims, calling them baseless and unfounded.
Stock Market Impact on Sanghi Industries
The accusations have shaken the stock market, leading to significant losses for Adani Group companies.
Shares of Sanghi Industries Limited, the Adani Group’s cement arm, dropped by 10% in a single day.
The stock fell to Rs 73, down from its previous closing price of Rs 81.53, hitting an intraday low of Rs 73.50.
Over the past year, Sanghi Industries’ stock has ranged between a high of Rs 156.20 and a low of Rs 71.66.
The company currently holds a market capitalization of Rs 1,974.39 crore.
Promoters own 75% of the company’s shares, with Ambuja Cement—a part of the Adani Group—holding a 58.08% stake.
Bribery and Fraud Charges Explained
US authorities have filed a criminal case in a New York court against Gautam Adani, his nephew Sagar Adani, and others.
They are accused of bribing officials, particularly in Andhra Pradesh, to win overpriced solar power contracts.
These deals are projected to generate over $2 billion in profit for the Adani Group over the next 20 years.
Azure Power, a New Delhi-based company, is also reportedly involved in this alleged scheme. Additionally, the US Securities and Exchange Commission (SEC) has accused Gautam
and Sagar Adani, along with an Azure Power officer, of violating anti-fraud provisions of federal securities laws.
