{"id":655754,"date":"2024-11-24T00:00:00","date_gmt":"2024-11-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/24\/adani-stocks-plunge-on-us-indictment\/"},"modified":"2024-11-24T00:00:00","modified_gmt":"2024-11-24T00:00:00","slug":"adani-stocks-plunge-on-us-indictment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/24\/adani-stocks-plunge-on-us-indictment\/","title":{"rendered":"Adani stocks plunge on US indictment"},"content":{"rendered":"

The aftermath of Adani\u2019s indictment: <\/strong>In the wake of Indian bn\u2019aire Gautam Adani\u2019s indictment<\/a> on bribery and fraud charges, the Adani Group saw its companies lose USD 27 bn in value by market close the day after the news, Reuters<\/a> reports. Losses extended into Friday, with Adani Group companies losing a combined USD 1.2 bn in value, the newswire reported<\/a> in a separate story.<\/p>\n

What went down?<\/strong> US prosecutors formally charged Adani and seven others with involvement in a USD 265 mn bribery and fraud scheme, promising contracts that would have yielded USD 2 bn in net income over 20 years. The charges also detail raising capital through false and misleading statements, including USD 2 bn in syndicated loans and another USD 1 bn from bond offerings sold to US-based investors.<\/p>\n

Adani Green Energy scrapped its USD 600 mn bond issuance, <\/strong>which was offered to the market mere hours before the charges made the news. The debt offering was almost 3x oversubscribed and had drawn over USD 1.9 bn in orders, Bloomberg<\/a> reports. <\/p>\n

Kenyan President William Ruto called off two major projects with Adani<\/strong>, including a USD 2 bn airport project at Jomo Kenyatta International Airport \u2014 that would have seen Adani add a second runway and upgrade the passenger terminal in exchange for a 30-year lease \u2014 and a USD 736 mn power transmission line project, Reuters<\/a> reports. <\/p>\n

Adani has gone on the defensive<\/strong>, rejecting the accusations as \u201cbaseless,\u201d and reaffirming that \u201cAdani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations,\u201d the group said in a statement<\/a>.<\/p>\n

This isn\u2019t Adani\u2019s first controversy<\/strong>, with the group being on the receiving end of a sackful of allegations over the years. The accusations include market manipulation and fraud schemes made by US short seller Hindenburg Research, which triggered massive share sell-offs in January 2023 and again in August<\/a>, to allegations of using offshore funds<\/a> to trade its own shares, to protests<\/a> over the Kenya airport project. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong> <\/p>\n<\/td>\n

\n

30,632<\/p>\n<\/td>\n

\n

+0.1% (YTD: +23.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 49.61<\/p>\n<\/td>\n

\n

Sell 49.74<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 49.62<\/p>\n<\/td>\n

\n

Sell 49.72<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,841<\/p>\n<\/td>\n

\n

-0.2% (YTD: -0.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9232<\/p>\n<\/td>\n

\n

-0.9% (YTD: -3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM <\/strong><\/p>\n<\/td>\n

\n

4724<\/p>\n<\/td>\n

\n

-0.1% (YTD: +16.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500 <\/strong><\/p>\n<\/td>\n

\n

5969<\/p>\n<\/td>\n

\n

+0.4% (YTD: +25.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8262<\/p>\n<\/td>\n

\n

+1.4% (YTD: +6.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4789<\/p>\n<\/td>\n

\n

+0.7% (YTD: +5.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 75.17<\/p>\n<\/td>\n

\n

+1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 3.13<\/p>\n<\/td>\n

\n

-6.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2737.20<\/p>\n<\/td>\n

\n

+1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 97,971.70<\/p>\n<\/td>\n

\n

-1.4% (YTD: +131.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.1% at Thursday\u2019s close<\/strong> on turnover of EGP 3.0 bn (29% below the 90-day average). Regional investors were the sole net sellers. The index is up 23.1% YTD.<\/p>\n

In the green: <\/strong>Faisal Islamic Bank -EGP (+3.3%), Elsewedy Electric (+2.1%), and Eastern Company (+1.8%).<\/p>\n

In the red: <\/strong>B Investments Holding (-2.6%), Emaar Misr (-1.7%), and TMG Holding (-1.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Adani withdrew its USD 600 mn sustainable bonds<\/p>\n","protected":false},"author":1,"featured_media":655755,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[6648,72,119,8913,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-655754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-adani-group","tag-enterpriseam","tag-financial-markets","tag-gqg-partners","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"cceaa65f-1277-499e-b73d-5683d2d1392b","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/2181.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adani stocks plunge on US indictment","related_issue":[655732],"teaser":"Adani withdrew its USD 600 mn sustainable bonds","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.5deddb4c-734f-4ad2-b9db-2bffd7895251.mp3"},"yoast_head":"\nAdani stocks plunge on US indictment - 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The two leaders agreed to strengthen defense and security ties, work closer on health and food security, and deepen cooperation on science and tech,\u2026","rel":"","context":"In "Diplomacy"","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/485.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552463,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/06\/how-saudi-arabia-wants-tourists-to-change-the-narrative-on-its-tourism-industry-bill-gates-has-been-unseated-as-the-worlds-third-richest-man\/","url_meta":{"origin":655754,"position":1},"title":"How Saudi Arabia wants tourists to change the narrative on its tourism industry + Bill Gates has been unseated as the world\u2019s third richest man","author":"enterpriseam admin","date":"6 September 2022","format":false,"excerpt":"KSA wants more tourists to visit \u2014 and form their own opinions about the kingdom: Saudi Arabia is looking to attract some 55 mn tourists a year by 2030 \u2014 a major leap from the 3.5 mn (without accounting for religious tourists) who visited the country last year \u2014 as\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/466.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581038,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/this-evening-our-current-account-deficit-narrowed-in-1q-2022-23-its-mpc-day\/","url_meta":{"origin":655754,"position":2},"title":"THIS EVENING: Our current account deficit narrowed in 1Q 2022-23 + It\u2019s MPC day","author":"enterpriseam admin","date":"2 February 2023","format":false,"excerpt":"XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/105.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580961,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/tonight-blinken-meets-el-sisi-shoukry-for-palestine-israel-talks-adani-group-meltdown-rolls-on\/","url_meta":{"origin":655754,"position":3},"title":"TONIGHT: Blinken meets El Sisi, Shoukry for Palestine-Israel talks + Adani Group meltdown rolls on","author":"enterpriseam admin","date":"30 January 2023","format":false,"excerpt":"Happy Monday, wonderful people. 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