Adani Stocks Plunge Up to 14%: US SEC Summons Spark $12.5B Market Cap Wipeout

Adani Group stocks suffered a brutal sell-off on January 23, 2026, erasing approximately $12.5 billion in market capitalization after reports emerged that the US Securities and Exchange Commission (SEC) is seeking court permission to email summons directly to Chairman Gautam Adani and his nephew Sagar Adani over alleged fraud and a $265 million bribery scheme.[1][2][6]

The sharp decline was triggered by a Reuters report detailing the SEC's latest filing on January 21, 2026, where the regulator noted India's refusal of prior requests to serve the summons. Adani Green Energy led the rout, plummeting 13-14% to around Rs 778-786, while Adani Energy Solutions fell up to 12% to Rs 816-832. Adani Enterprises dropped 8-10% to Rs 1,879-1,910, Adani Ports shed 6-8% to Rs 1,299-1,328, and other group firms like Adani Power, Adani Total Gas, Ambuja Cements, and NDTV declined 5-6%.[1][2][3]

This development stems from an SEC lawsuit filed in November 2024, accusing the Adanis of violating US securities laws through misleading statements about Adani Green Energy's compliance with anti-bribery laws, particularly regarding solar power contracts in India.[1][3] The Adani Group has dismissed the allegations as 'baseless' and vowed to pursue all legal remedies, while cooperating with regulators.[1][4]

Despite the overhang, rating agencies remain constructive. Moody's recently affirmed ratings for Adani Green Energy's bonds and upgraded outlooks to stable, citing strong operations and debt management. Fitch highlighted over $24 billion in fresh funding raised post-indictment.[2]

Adani Ports issued a clarification to stock exchanges on January 24, 2026, addressing media reports but providing no new details on the proceedings.[7] Meanwhile, the group advanced its media expansion by signing a deal on January 21 to fully acquire IANS news agency.[8]

Investors are bracing for volatility as the case unfolds, with analysts watching for resolution timelines amid heightened global scrutiny on corporate governance.[2][4]