Adani shares extend slump after $27bn rout on US charges

The conglomerate has denied the allegations, calling them baseless, and announced plans to seek legal recourse.

Shares of Adani Group companies traded mostly lower on Friday, extending a selloff driven by US prosecutors’ charges of bribery against Gautam Adani.

Flagship Adani Enterprises lost as much as 7.3% in early trading, after plunging 23% on Thursday. Adani Ports & Special Economic Zone fell 2%, extending the 14% loss in the previous session. Seven of the 10 companies controlled by the ports-to-power behemoth were in the red.

Adani Group’s shares lost nearly $27 billion in market value Thursday after federal prosecutors accused its billionaire founder and other executives of allegedly plotting to bribe Indian government officials to win solar energy contracts. The conglomerate has denied the allegations, calling them baseless, and announced plans to seek legal recourse.

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