The Ad. Group’s season of trouble only seems to be getting thicker than smog in Delhi. Now, after the Telangana government’s decision to reject a Rs 100 crore donation to the Youth India Skills University, another government has reportedly put their partnership with the company on hold.
After Telagana, Andhra Put Ad. On Hold
As per a Reuters report, the Andhra Pradesh government headed by BJP-ally and TDP’s N Chandrababu Naidu is considering scrapping a power deal with the Ahmedabad-based conglomerate’s power arm.
Talking to Reuters, the state’s Finance Minister Payyavula Keshav said, “We will also examine what can be done next, like is there a possibility to cancel the contract … state government is looking into this issue closely.”
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Talking to Reuters, the state’s Finance Minister Payyavula Keshav said, “We will also examine what can be done next, like is there a possibility to cancel the contract … state government is looking into this issue closely.”
Following this development, the shares of the Ad. Power appear to have been impacted by the development.
Ad. Power Shares Dip
In the early hours of the day’s trade, Ad. power shares dipped significantly, dropping by over 2 per cent. However, the prices established as the day progressed.
At the time of writing, the declined had reduced significantly. The Ad. Power shares were trading in red, with a decline of 0.69 per cent or Rs 3.10, after opening at Rs 450.30, compared to the previous day’s close of Rs 446.65 .
US Indicts Ad. and Co.
The Ad. group comp.es and their shares have under pressure for the past week, and Adni Power, along with Ad. Green Energy have been under the pump, in particular.
It was last week, when the tide of misfortune hit the Ad. group, when a US Federal court indicted Gautam Ad. and seven others, including his nephew, Sagar Ad..
The US prosecutors alleged Ad. of bribing Indian official in different states to procure renewable energy deals. The alleged mass bribe is reported in excess of USD 250 million or Rs 2,100 crore.
The Ad. Group on its part has b.shed these allegations, and called them baseless.
