Adani’s stock rout continues as Kenya cancels projects

This grab from a video released by Adani Enterprises Ltd. on Thursday, Feb.2, 2023, shows Indian billionaire Gautam Adani.
| Photo Credit: AP

Adani Enterprises Ltd opened at ₹2,101, which is 3.8% lower than the previous close on the National Stock Exchange, as the Kenyan government cancelled Adani Group projects in response to the U.S. court’s allegations of bribery and fraud. The stock dip immediately moderated reaching ₹2,122 by 10:30 a.m.

On the Bombay Stock Exchange (BSE), the stock opened at ₹2,090.10, which was 4.2% lower than the previous close, but reduced the dip and gained hitting ₹2,117.45, roughly at the same time.

Stocks of the Apple to airport conglomerate plummetted more than 10% on November 21, following the New York district court allegations like bribery, wire fraud, securities fraud and obstruction of justice were placed on Gautam Adani, the Chairperson promoter of the group, his nephew Sagar Adani and other board of directors of the company.

The company however called the allegations baseless, denied them and further said that they would use all possible legal recourse in a statement to the exchanges on November 21.