Adani group stocks plunge as U.S. SEC looks to question founder over fraud charges

Core Viewpoint - Shares of Adani Group companies experienced significant declines following reports of legal actions by the U.S. Securities and Exchange Commission against key executives for bribery and fraud allegations [1][2]. Group 1: Legal Actions and Charges - The SEC is seeking to issue legal summons to Gautam Adani and Sagar Adani regarding charges of bribery and fraud [2]. - The Adani Group executives are accused of misleading investors about compliance with anti-bribery and anti-corruption practices while raising over $3 billion for energy contracts [3]. - Adani and other defendants allegedly paid over $250 million in bribes to Indian government officials to secure solar energy supply contracts valued at over $2 billion in profits [4]. Group 2: Market Reaction - Shares of Adani Green Energy fell by 12%, while Adani Enterprises dropped over 8%, and Adani Power decreased by 5% on the day of the news [2].