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

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Shares of Adani Group companies fell between 5 to 12% on Friday after reports that the U.S. Securities and Exchange Commission is seeking to send summons to founder Gautam Adani and nephew Sagar Adani on charges of bribery and fraud.

Indian billionaire Gautam Adani, chair of India’s Adani Group and one of the world’s richest people, was indicted with seven other men in New York federal court in November 2024 on charges related to a massive bribery and fraud scheme.

According to a Bloomberg report on Friday, the SEC has approached a U.S. District Judge, Nicholas Garaufis in Brooklyn, seeking permission to issue a legal summons to Adani Group Chairman Gautam Adani and the executive director of Adani Green Energy, Sagar Adani. CNBC has reached out to Adani Group for comment.

Shares of Adani Green Energy