Adani Enterprises Responds to Exchange Queries
In its exchange filing, Adani Enterprises categorically stated that there are no allegations against the company in the matter referenced by the media. The company emphasised that it is neither named nor involved in the proceedings cited in the reports and therefore does not consider the development material under regulatory disclosure norms.
“There are no allegations made against the Company in, and the Company is not party to, these proceedings,” Adani Enterprises said in its clarification to the stock exchanges. The company added that the news report does not warrant any additional disclosure under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements.
What Triggered the Clarification?
The exchange queries followed a Bloomberg report stating that the US Securities and Exchange Commission had approached a district court in Brooklyn, New York, seeking permission to serve legal summons on Gautam Adani and Sagar Adani through alternative legally permissible methods.
According to the report, the SEC informed the court that multiple attempts to deliver the summons through standard diplomatic and legal channels had not succeeded. The regulator reportedly told the court that efforts involving Indian authorities had also failed, prompting the request for judicial approval to pursue alternative means of service.
Background of the US Allegations
The developments trace their origin to November 2024, when US authorities accused certain Adani Group executives of involvement in an alleged bribery scheme linked to electricity purchase agreements involving Adani Green Energy, a listed group company.
Following the allegations, the SEC filed a civil lawsuit against Gautam Adani and Sagar Adani, while the US Department of Justice initiated a separate criminal case involving multiple defendants. Both actions are ongoing, and the Adani Group has consistently denied all allegations, calling them baseless and misleading.
Under US law, foreign companies accessing American capital markets are prohibited from paying bribes overseas or raising funds through inaccurate or misleading disclosures. The Adani Group has maintained that it has complied with all applicable laws and will vigorously defend itself using all legal avenues available.
Sharp Sell-Off in Adani Group Stocks
Market reaction to the reports was swift and severe. On Friday, January 23, Adani Group stocks witnessed heavy selling pressure, eroding billions of dollars in investor wealth within a single trading session.
Adani Green Energy Ltd led the decline, plunging nearly 15 percent. Adani Energy Solutions fell around 12 percent, while flagship Adani Enterprises slid over 10 percent. Shares of Adani Ports and Special Economic Zone dropped more than 7 percent, and Adani Power declined by over 5 percent.
Collectively, listed Adani Group companies are estimated to have lost approximately $12.5 billion in market capitalisation during the sell-off.
Company Seeks to Reassure Investors
In its filing, Adani Enterprises requested the exchanges to take its clarification on record, stressing that the reported developments have no impact on its business operations or regulatory compliance obligations in India.
The company also reiterated disclosures made in November 2024, signalling continuity in its public stance on the matter. Analysts note that the clarification aims to separate the listed entity from ongoing legal processes involving individual promoters in foreign jurisdictions.
Market participants will now closely watch further regulatory updates from the US as well as any additional disclosures from Adani Group companies to assess the longer-term impact on investor confidence.
