Adani stocks suffer Rs 1.4 lakh crore shock, crash up to 15%. Here's what went wrong
Adani Group stocks, led by Adani Green, Adani Enterprises, Adani Energy and Adani Ports, nosedived up to 14% after the US Securities and Exchange Commission asked a US court for permission to directly email summons to Gautam Adani and Sagar Adani, Reuters reported, citing court filings. The combined market capitalisation of all 10 listed entities of the conglomerate fell by Rs 1.4 lakh crore to about Rs 12.2 lakh crore during the day.
The SEC told the court that India had previously rejected two requests to serve the summons through official channels. The case is the highest-profile legal action involving an Indian conglomerate in the US, with the regulator attempting to serve summons on Adani Group founder Gautam Adani and his nephew Sagar Adani since last year.
The Reuters report added that the SEC said it does not expect service to be completed through existing channels and has sought court approval to send the summons directly via email to the two executives.