• Adani Stocks Crash 21% Amid Fraud Allegations
• Bribery Scandal Rocks Adani Empire!
Unmesh Gujarathi
Sptouts News Exclusive
In a major setback for billionaire Gautam Adani, India’s second-richest man, the market valuation of his Adani Group has plunged by 21 percent in the financial year 2025 compared to last year. This sharp decline has wiped out a staggering Rs 3.4 lakh crore from the company’s valuation amid ongoing regulatory investigations, stock market crashes, and serious allegations of financial fraud.
According to market data, Adani Green Energy has been hit the hardest, with its market valuation tumbling from Rs 2.90 lakh crore in March 2024 to Rs 1.46 lakh crore by March 21, 2025. Analysts attribute this sharp downturn, in part, to a $265 million bribery case involving Gautam Adani, his nephew Sagar Adani, and other officials of the conglomerate.
Adani Enterprises, the group’s flagship company, has also suffered a 27 percent decline in market capitalization, which has now fallen to Rs 94,096 crore in FY25. Adani Ports and Special Economic Zone (APSEZ) has lost 11.4 percent of its valuation, erasing Rs 33,029 crore. Other group companies have also faced steep losses: Adani Energy Solutions dropped 18.95 percent, losing Rs 14,547 crore; ACC Cement fell by 23.10 percent; Ambuja Cements declined by 15.92 percent; Adani Wilmar dropped by 17.35 percent; Sanghi Industries saw a sharp 36.84 percent plunge; and NDTV, part of AMG Media Networks Limited, lost 41.58 percent of its market valuation.
Market experts attribute the sharp decline in Adani Group stocks to broader stock market trends and mounting regulatory scrutiny. The fallout from last year’s allegations by US-based short-seller Hindenburg Research has intensified, with links being drawn between former SEBI Chairperson Madhabi Puri Buch, her husband Dhaval Buch, and offshore entities allegedly connected to the Adani Group.
Also Read: Adani Group Faces ₹3.4 Lakh Crore Wipeout!
Additionally, the US Securities and Exchange Commission (SEC) has indicted Gautam Adani and Sagar Adani on charges of bribery and defrauding American investors. Reports also indicate that Swiss authorities have frozen over $310 million across multiple bank accounts as part of an ongoing money laundering investigation into the conglomerate. Adani Group, however, has strongly denied all allegations, calling them baseless attempts to tarnish its reputation.
Beyond these controversies, global economic challenges have also impacted the group’s performance. Rising interest rates and policy uncertainties have particularly affected its operations in capital-intensive sectors like renewable energy and gas. Foreign investors have been withdrawing from Adani stocks over the past three quarters, leading to a significant reduction in their holdings. Additionally, former US President Donald Trump’s threats of imposing reciprocal tariffs have further dampened investor sentiment, adding to the company’s struggles.
Despite these setbacks, Gautam Adani remains India’s second-richest person, following Reliance Industries Chairman Mukesh Ambani. As of March 24, 2025, Adani’s real-time net worth stands at $60.6 billion, ranking him as the 25th wealthiest individual globally, according to the Forbes Real-Time Billionaires List.