Adani stocks in Wednesday's session (February 19, 2025) traded mixed even as Zee Business citing Reuters reported that the US Securities and Exchange Commission has asked for assistance from the Indian authorities in its probe against Adani Group founder Gautam Adani and his nephew Sagar Adani over alleged fraud and a $265 million bribery case.

The SEC informed a New York district court that it was still working to serve Gautam and Sagar Adani with its complaint and that it was looking to India's Ministry of Law and Justice for assistance in doing so.

At the time of writing this copy at around 10:36 am, of the 11 stocks in Adani's Group's stable, Adani Green Energy and Adani Enterprises and Adani Energy Solutions traded in the red with a cut of up to 2 per cent in the group's flagship entity. However, all the other stocks including NDTV (up over 3 per cent), Sanghi Industries (up 0.9 per cent), Ambuja Cements, Adani Ports and SEZ, Adani Total Gas, ACC, Adani Wilmar, and Adani Power traded with mild gains.

Last year Gautam Adani, the chairman of the Adani conglomerate and 7 other individuals were indicted in a US court over a bribery and fraud scheme. Gautam Adani and other defendants allegedly paid Indian government officials over $250 million in bribes to obtain solar energy supply contracts worth over $2 billion in profits. Gautam Adani, his nephew Sagar Adani and Vneet Jaain, two executives in Adani Green Energy, are charged with misleading investors from the US and other foreign locations about their company’s compliance with antibribery and anticorruption practices when they were seeking capital to fund those energy contracts, according to American authorities. 

Zee Business Managing Editor Anil Singhvi on the development maintained that even though it appeared that the Adani case would not proceed further after Trump's re-election as the country's President, the latest move by the US SEC in its investigation against Adani will be sentimentally negative for Adani Group.

After the US SEC has sought the country's law ministry's help in Adani $265 million bribery probe, Singhvi has suggested selling Adani Enterprises futures with a stop loss of Rs 2,250 with a base target of Rs 2,170, Rs 2,150, Rs 2,100 and Rs 2,050.

Further for Adani Green futures also he has given a sell call with a target of Rs 855, Rs 840 and Rs 820, and keeping a stop loss of Rs 890.