Adani Enterprises, which ended 10.6 per cent lower, was also the top loser in the Nifty50 on Friday
Shares of Adani group companies were battered on Friday, falling 3.4-14.5 per cent, gouging out $12.5 billion from its market capitalisation, following reports that the US Securities and Exchange Commission had sought court approval to serve summons over email to founder Gautam Adani and his nephew Sagar Adani in an alleged wire fraud and bribery case worth $265 million.
Adani Green Energy saw the steepest fall at 14.5 per cent, sentiments in the stock worsened by a steep fall in its Q3 net profit due to a rise in costs.
Flagship Adani Enterprises, which ended 10.6 per cent lower, was also the top loser in the Nifty50 on Friday. Group firms Adani Ports fell 7.5 per cent, Adani Power and Adani Total Gas dropped 5.6 per cent each and Ambuja Cements fell 5.1 per cent.
Alleged fraud
The alleged fraud and bribery case was revealed in November 2024 when US authorities indicted top Adani officials, accusing them of offering bribes to secure solar energy contracts in India, even as the company concerned was raising money from American investors.
The US regulator has been trying to send summons to the Adanis in connection with the probe but has been unsuccessful so far.
According to reports, the US SEC told a court in Brooklyn it had been unable to get assistance from Indian authorities to send the summons and that it “does not expect service to be completed” through the current route and it should be allowed to email the summons to the Adanis.
The Adani group has consistently maintained that the allegations made by the US authorities are baseless and it would take all legal steps to defend itself.
Published on January 23, 2026
