November 21, 2024

Adani Stocks Crash To Lower Circuit: Buying Opportunity Or Time To Stay Away?

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Adani Stocks Crash Amid Bribery Allegations: What Should Investors Do? The Adani Group stocks witnessed a sharp plunge after news broke that US prosecutors in New York indicting Adani Group Chairman Gautam Adani, his nephew Sagar Adani, and six others for allegedly paying $265 million in bribes to secure lucrative solar energy contracts. The group has cancelled its $600 million bond offering. Adani Green Energy fell by 18.76%, Adani Energy Solutions by 20%, Adani Enterprises by 10%, Adani Power by 13.98%, and Adani Ports by 10% during the morning session. Market expert Raghvendra Singh shares his insights on this developing situation. He believes the current sell-off reflects an immediate reaction to the allegations and advises investors to avoid hasty decisions. Raghvendra Singh suggests waiting for clarifications from the Indian government, Adani Group, and US authorities before making investment moves. For now, he recommends steering clear of Adani Group stocks and shifting focus to other sectors like IT and banking, highlighting stocks like HDFC Bank as promising alternatives.

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