Adani stocks in the red

Gautam Adani has been charged with fraud in the US, which has accused him of orchestrating a $250m (£198m) bribery scheme and concealing it to raise money in the US. The criminal charges, filed on Wednesday in New York.

In the indictment, prosecutors alleged that the tycoon and other senior executives had agreed to the payments to Indian officials to win contracts for his renewable energy company expected to yield more than $2bn in profits over 20 years.

They have alleged that that executives raised $3bn in loans and bonds, including from US firms, on the backs of false and misleading statements related to the firm's anti-bribery practices and policies, as well as reports of the bribery probe.

Not surprisingly, the losers pack is led by the Adani group stocks, with Adani Energy leading, hitting the 20% LC at Rs.697.70, Adani Green is down 19% at Rs.1141, Adani Total Gas fell 18%, Adani Enterprises hit the 15% LC at Rs.2397.20 and Ambuja Cement is down 16.5% at Rs.458.85.