Latest News | Five Adani Group Firms Settle Lower; Adani Green Tanks 8 Pc

New Delhi, Nov 25 (PTI) Shares of five Adani group firms ended lower on Monday, with Adani Green Energy tumbling 8 per cent after French energy giant TotalEnergies SE said it will make no new financial contribution as part of its investments in Adani group companies till the Indian firm's founder is cleared of bribery charges.

The stock of Adani Green Energy tumbled 8.05 per cent to settle at Rs 967.65. During the day, the stock tanked 11 per cent to hit a low of Rs 932.90.

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TotalEnergies is one of the biggest foreign investors in billionaire Gautam Adani's business empire and had previously taken stakes in the group's renewable energy venture Adani Green Energy Ltd (AEGL) and city gas unit Adani Total Gas Ltd (ATGL).

Adani Energy Solutions shares declined 3.78 per cent to Rs 624.85 and Adani Power went lower by 3.02 per cent to Rs 446.85 on BSE.

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NDTV dropped 2.07 per cent to Rs 166.60 and Adani Total Gas by 1.43 per cent to Rs 600.75 on the BSE.

However, shares of Adani Ports climbed 2.55 per cent to Rs 1,166.45, ACC rallied 2.54 per cent to Rs 2,142.85, Adani Enterprises went up by 1.26 per cent to Rs 2,257.65, Adani Wilmar by 1.81 per cent to Rs 297.60 and Ambuja Cements by 0.88 per cent to Rs 505.10.

In the equity market, the BSE benchmark Sensex jumped 992.74 points to settle at 80,109.85 and the NSE Nifty surged 314.65 points to 24,221.90.

In a statement on Monday, French firm TotalEnergies said it learnt of US authorities indicting Gautam Adani and two other executives for allegedly paying USD 265 million bribes to Indian officials to secure solar power supply contracts for AEGL.

"This indictment does not target AGEL itself, nor any AGEL-related companies," TotalEnergies said. "Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies."

Adani group has dismissed the allegations brought in the US court as baseless and has said it would seek all possible legal recourse.

Meanwhile, Gautam Adani's group on Saturday clarified on reports of Kenya cancelling more than USD 2.5 billion in deals after a US indictment on bribery charges, saying it had not entered into any binding agreement to operate Kenya's main airport.

On the pact it had signed last month to build and operate key electricity transmission lines in Kenya for 30 years, the group said the project did not fall within the ambit of Sebi's disclosure regulations, thereby not warranting any disclosure on its cancellation.

The group was responding to notices sent by stock exchanges to confirm reports of Kenyan President William Ruto ordering the cancellation of a procurement process that had been expected to award control of the country's main airport after the conglomerate's founder was indicted in the United States.

Adani Enterprises Ltd, the flagship firm of Gautam Adani's group which houses its airport business, in a filing said it had in August this year incorporated a step-down subsidiary in Kenya to upgrade, modernise, and manage airports.

"While the company was in discussion with the relevant authority for the said project, till date neither the company nor its subsidiaries (i) have been awarded any airport project in Kenya, or (ii) entered into any binding or definitive agreement in connection with any airport in Kenya," the firm said.

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