Adani Group stocks today: Shares of multiple Adani Group firms-including Adani Green Energy, Adani Enterprises, Adani Energy, and Adani Ports and Special Economic Zone-fell by as much as 10% after the US Securities and Exchange Commission sought permission from a US court to serve summons via email to Gautam Adani and his nephew Sagar Adani.
An indictment made public in November 2024 alleges that senior executives of the Adani Group were involved in a bribery scheme linked to Indian officials, aimed at securing power purchase agreements for electricity generated by Adani Green Energy.
According to a court filing cited in a Reuters report, the SEC informed the court that its previous efforts to serve the summons through formal diplomatic channels were unsuccessful after India declined two requests. The case is described as the most high-profile legal action involving an Indian conglomerate in the US, with the regulator attempting since last year to serve notices on Gautam and Sagar Adani.
Following these developments, Adani Green shares dropped 10% to an intraday low of ₹823. Adani Enterprises slid 8% to ₹1,936, Adani Ports declined 5% to ₹1,343, and Adani Energy fell 8% to ₹852 per share.
According to Reuters, the US Securities and Exchange Commission told the court that it does not anticipate the summons being served through existing legal channels and has therefore sought approval to deliver them electronically to the two executives.
The Adani Group has dismissed the allegations as baseless, stating that it intends to pursue all available legal remedies to defend its position.
The SEC has also alleged that the executives misled US investors by making inaccurate disclosures regarding the company’s anti-corruption policies.
As per the SEC filing cited by Reuters, India declined the regulator’s requests to serve the summons on procedural grounds, pointing to issues related to signature and seal requirements. The SEC argued that such conditions are not applicable under international mechanisms governing cross-border service, including the Hague Convention. The filing further noted that in its second refusal in December, India’s law ministry appeared to question the SEC’s authority to request service in this manner.