Shares of the Adani Group came under severe pressure on Thursday, wiping out nearly ₹1.1 lakh crore in market capitalisation after several group companies plunged by as much as 13 percent during intraday trade. The sharp sell-off followed reports that the US Securities and Exchange Commission (SEC) has sought court approval to serve summons directly via email to Gautam Adani and his nephew Sagar Adani.
According to a Reuters report citing court filings, the SEC has approached a US court after repeated attempts to send summons through official diplomatic channels failed. The regulator has stated that it does not expect success through conventional means and has therefore requested permission to deliver the summons electronically.
Heavy Losses Across Key Adani Stocks
The selling pressure was widespread across the group’s listed entities. Adani Green Energy shares plunged nearly 13 percent to ₹785 apiece, while flagship firm Adani Enterprises fell over 9 percent to ₹1,886.80 — its 52-week low.
Adani Ports and Special Economic Zone declined around 8 percent to ₹1,295.40, while Adani Energy Solutions slid 11 percent to ₹822.15. Other group companies, including Ambuja Cements, ACC, and Adani Total Gas, also ended the session deep in the red.
As a result, the combined market capitalisation of the group’s 10 listed companies fell sharply to about ₹12.45 lakh crore in a single trading session.
What Is the Case About?
The SEC informed the court that India had rejected two earlier requests to serve summons through official channels. This case is being described as one of the largest legal actions involving an Indian industrial group in the United States.
US regulators have been attempting since last year to serve summons to Gautam Adani and Sagar Adani as part of an ongoing investigation. The SEC has argued that electronic service is now the most viable option.
Allegations and Adani Group’s Response
The case stems from allegations that surfaced in November 2024, claiming that Adani Group officials paid bribes to Indian authorities to secure power purchase agreements. The SEC complaint further alleges that the group misled US investors by providing inaccurate information about its anti-corruption practices.
The Adani Group has strongly denied all allegations, calling them baseless. The conglomerate has stated that it will pursue all legal avenues to defend itself. However, it did not immediately comment on the latest SEC filing. India’s Law Ministry has also refrained from responding, previously describing the matter as a legal dispute between private entities and US authorities.
Investor Sentiment Hit
The development has reignited concerns among investors, leading to heavy selling in Adani stocks and adding volatility to the broader market. Analysts say the situation will remain a key overhang for the group’s shares until greater clarity emerges on the legal proceedings in the US.
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