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Adani stocks crash amid fresh trouble in US bribery case
23 Jan 2026

Adani Group stocks witnessed a major crash, falling as much as 11%, after the US Securities and Exchange Commission (SEC) sought court approval to email summonses to billionaire Gautam Adani and his son Sagar Adani.

The SEC's move is part of an ongoing case involving allegations of bribing Indian officials and misleading US investors.

The request was made earlier this week before US District Judge Nicholas Garaufis in Brooklyn, New York.

SEC's alternative notification methods and India government assistance
Notification strategies

The SEC has requested the court to allow alternative notification methods to formally notify Gautam and Sagar about the legal move.

This comes after several unsuccessful attempts to serve summons through regular channels.

The SEC told the court that it had sought assistance from the Indian government multiple times but was unsuccessful.

Hence, it is now seeking judicial approval for other legally permissible ways to ensure proper notification of proceedings.

Adani Group's market capitalization and stock performance
Market impact

The SEC's move has had a major impact on investor sentiment, resulting in a sharp fall in several Adani Group stocks during Friday's trading session.

The combined market capitalization of all 10 listed entities of the conglomerate fell by ₹1.1 lakh crore to ₹12.45 lakh crore during the day.

Shares of Adani Green fell 11% to ₹804.2 per share while flagship firm Adani Enterprises shares tumbled 8% to ₹1,918 per share.

Adani Group's response to SEC allegations
Legal defense

The Adani Group has denied the SEC's allegations, calling them baseless. The group has said it will pursue all available legal remedies to defend itself against these charges.

However, they did not immediately respond to a request for comment on the latest SEC filing.

India's law ministry also did not respond to a request for comment, having previously described this matter as a legal issue between private entities and the United States.

Allegations against Adani Group executives
Bribery scheme

The SEC's indictment, unsealed in November 2024, alleges that Adani Group executives were involved in a scheme to bribe Indian officials for power purchase agreements for electricity generated by Adani Green Energy.

The complaint also accuses the executives of misleading US investors with inaccurate disclosures about the company's anti-corruption practices.