Shares of India’s Adani group firms fell between 2% and 11% on Friday after the U.S. markets regulator asked a court for permission to personally email summons to founder Gautam Adani and group executive Sagar Adani over alleged fraud and a $265 million bribery scheme.
The flagship company, Adani Enterprises, fell as much as 9.1% to 1,890.23, its lowest since May 19, 2023. India’s benchmark Nifty 50 index .NSEI was down 0.94%.
In the most high-profile legal case in the U.S. involving an Indian conglomerate, the SEC has been trying to send summons to billionaire Gautam Adani and his nephew Sagar since last year.
India has previously refused two requests to serve the summons, the SEC said, according to filings.
The indictment, which was unsealed in November 2024, accused Adani group executives of being part of a scheme to pay bribes to Indian officials for buying electricity produced by Adani Green Energy ADNA.NS, a unit of the Adani group.
Adani group has called the allegations “baseless” and said that it would seek “all possible legal recourse” to defend itself.
It did not immediately respond to Reuters’ request for comment on the latest filing, dated January 21.
Shares of the green energy unit fell as much as 13.1% on Friday.
Reuters
