Adani Group Shares Slide, Lose $12.5 Billion After US SEC Seeks Court Nod to Summon Gautam, Sagar Adani

The US Securities and Exchange Commission filed the request after the Union government declined two earlier requests to facilitate formal service regarding their role in an alleged bribery scheme, as per a report by Reuters.

The Wire Staff

adani group shares slide lose 12 5 billion after us sec seeks court nod to summon gautam sagar adani

Adani Group chairman Gautam Adani. Photo: Handout via PTI.

New Delhi: The Adani Group shares fell drastically on Friday (January 23) as they lost as much as $12.5 billion in market capitalisation, according to a report by Reuters.

As per the report, the loss was triggered after the US Securities and Exchange Commission (SEC) sought permission from a New York court to serve direct summons on Gautam Adani, chairman of Adani Green Energy Ltd, and his nephew Sagar Adani, the company’s executive director. The move came after the Union government declined two earlier requests to facilitate formal service related to their alleged roles in a multi-million-dollar bribery scheme.

Market capitalisation, or market cap, is the total value of a publicly traded company's outstanding shares – a metric that is often used to quantify the total value of a publicly traded company.

As per Reuters, the group's flagship company Adani Enterprises was the top percentage loser on India's benchmark Nifty 50 with the firm's shares falling by 10.65% to Rs. 1,864.2. Other group companies settled with losses ranging between 3.4% and 14.54%, the report said.

As per a report by Hindustan Times, Adani Green Energy – which would stand to benefit from the alleged bribery scheme – fell by 14.6%, followed by Adani Energy Solutions (which fell by 12%), Adani Ports and Special Economic Zone (stocks fell by 7.5%), and Adani Power (down 5.5%).

The Wire had previously reported on how the SEC had moved the federal court to bypass diplomatic channels and allow service on Gautam Adani and Sagar Adani via their US counsel and email after India challenged its authority to issue summonses.

In November 2024, the SEC had filed a civil complaint against Gautam Adani and Sagar Adani alleging that they were involved in investor fraud and a bribery scheme involving payments amounting to hundreds of millions of dollars – about $265 million – to Indian government officials to secure solar energy contracts. A day later, the Adani Group had issued a statement calling the allegations “baseless” and that they would pursue “all possible legal recourse”.

This article went live on January twenty-fourth, two thousand twenty six, at fifty-three minutes past three in the afternoon.

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