New Delhi: Stocks of companies of the Adani Group declined drastically when the news leaked out that a US regulator is petitioning a court to issue summons to serve fraud and bribery charges against Gautam and Sagar Adani. Within a very short period of time, the group value in the market declined by approximately 12.5 billion dollars.
The case is reported to have a 265 million dollar bribery scheme and is alleged to have misled investors. These grave allegations caused panic among shareholders and the stocks of Adani were sold heavily.
According to the market experts, uncertainty is the greatest foe of share prices. Volatility can persist till the situation becomes clear.
Adani Group has heavily refuted all the claims terming them unfounded and politically inclined. The group indicates that it would battle the case in court and remain transparent.
