New Delhi. November 21 was a very disappointing day for the investors and shareholders of Adani Group. A decision by a US court led to a huge drop in the shares of Adani Group. A New York court ruled against 7 people including Gautam Adani in the case of bribing Indian officials to get solar energy contracts. After this, the company's shares have fallen drastically. Moody's Ratings, a credit rating agency, has said that it will look at the group's operations while assessing its ability to raise capital given the bribery allegations against Gautam Adani. Moody's said that the indictment in the bribery case against Gautam Adani, chairman of the Adani Group, and other senior officials working in the port-to-energy sector, is negative from the credit point of view of the group's companies.

What did Moodys say

US prosecutors have accused Gautam Adani of allegedly being part of a scheme to bribe Indian officials with more than US$250 million (about Rs 2,100 crore) in exchange for favorable terms for solar power contracts. Moody's said, "While assessing the Adani Group, our main focus will be on the ability of the group's companies to access capital to meet their cash needs and the conduct of its operations."

Adani Group denied the allegations.

In this case, Adani Group presented its side and said that the allegations leveled by the US Department of Justice and the US Securities and Exchange Commission against the directors of Adani Green are baseless.

Adani Group shares closed with a decline.

Among the Adani Group companies, Adani Enterprises witnessed a maximum decline of 22.6 percent. According to BSE data, Adani Ports hit a lower circuit of 13 percent, Adani Power 9 percent, Adani Energy Solutions 20 percent.