According to Reuters, Adani group stocks declined between 2% and 11%, with flagship firm Adani Enterprises dropping as much as 9.1%, marking its lowest level since May 2023. The green energy unit Adani Green Energy fell up to 13.1%, while India’s benchmark Nifty 50 index was down nearly 1%, News.Az reports, citing Reuters.
The SEC has been attempting to serve summons to Gautam Adani and his nephew Sagar since last year. However, U.S. filings indicate that India previously declined two requests to deliver the summons through official channels. The SEC is now seeking court approval to serve them directly via email.
The case stems from an indictment unsealed in November 2024, which accuses Adani group executives of participating in a $265 million bribery scheme involving payments to Indian officials to secure electricity purchase agreements linked to Adani Green Energy.
The Adani Group has denied all allegations, calling them “baseless,” and has stated it will pursue all legal avenues to defend itself. The company did not immediately comment on the latest SEC filing.
The development marks one of the highest-profile legal challenges involving an Indian conglomerate in U.S. courts, and has triggered renewed investor concern over regulatory and legal risks facing the group.
