Analysts on Dalal Street suggested picking selected Adani Group stocks after they witnessed massive correction in the domestic equity market. The combined market capitalisation of the 10 listed group stocks declined by more than Rs 2 lakh crore after Adani Group’s chair Gautam Adani was indicted in the US over bribery and fraud charges. Following the news, shares of Adani Energy Solutions traded 20% down at Rs 872 in the afternoon trade on Thursday. Adani Enterprises, Adani Green Energy, and Adani Ports and Special Economic Zone were down 19%, 18% and 14%, respectively. The spokesperson of Adani Group, in a note, said that allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless. So, is it the right time to buy Adani Group stocks? Abhishek Jain, Head of Research, Arihant Capital Markets said, “This could be an opportunity to enter certain fundamentally strong names within the group selectively. Stocks like Ambuja Cements, Adani Ports, and ACC stand out as relatively more stable bets, offering potential long-term value amidst the volatility. “Adani Power and Adani Wilmar could also be considered by high-risk investors, albeit cautiously, as these carry a higher degree of risk. However, when it comes to Adani Enterprises, given its high-risk, high-reward nature, it may be prudent to avoid it at this stage,” Jain said. Adani Total Gas, Ambuja Cements, Adani Power, Adani Wilmar, New Delhi Television and ACC were also down somewhere between 7%-12% at around 1.20 pm (IST). Vinod K Jhaveri, Analyst, Pure Technicals said, “All Adani stocks are reacting to the news. Technically, amongst the listed Adani stocks, Adani Ports gave a good opportunity to investors as it touched the 200-WEMA around Rs 995. Other Adani stocks will keep on behaving and reacting to further news flow. As investors, such news and panic provide good opportunity to investors who are Adani stock fans,” Jhaveri said. Earlier, the US authorities said Adani and seven other defendants, including his nephew Sagar Adani, allegedly paid bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years and develop India’s largest solar power plant project. A judge has issued arrest warrants for Gautam Adani and Sagar Adani, and prosecutors plan to hand those warrants to foreign law enforcement, US court records show. Prosecutors also said the Adanis and another executive at Adani Green Energy, former CEO Vneet Jaain, raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors. Gautam Adani, Sagar Adani and Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy, and the Adanis were also charged in a US Securities and Exchange Commission civil case. In clarification, Adani Group in a note said, “The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws.” Jathin Kaithavalappil, Assistant Vice President, Choice Broking said, “I see the accusations of bribery brought against Adani Group’s Chairman and senior officials as a negative development for the group’s companies. This raises issues of governance that are detrimental to the confidence of the investors, their availability of finance options, and the overall market sentiment. In absence of such unambiguous statements on the issue, I consider the stocks are likely to remain under pretty much continuous pressure as market players bear in mind the prevailing circumstances where the level of scrutiny has risen considerably.”