Gautam Adani bribery charges: Mutual funds that added or sold Adani Group stocks in October; check details

Adani Group stocks: Adani Group's share prices experienced a significant drop of up to 23% during Thursday's trading session in response to bribery charges filed against Gautam Adani and other executives by the US District Court and Securities & Exchange Commission. 

The allegations involve a $265 million scheme to bribe Indian officials for solar energy contracts, impacting the conglomerate's operations. Consequently, the Adani Group decided to cancel a $600 million bond offering immediately after its pricing, while its U.S. dollar bonds witnessed a sharp decline in Asian trading.

Dip in Adani Stocks

Following the developments in the New York Court, stocks of companies led by Gautam Adani, such as Adani Enterprises Ltd and Adani Ports, saw declines of up to 23% during the trading session. The collective market capitalisation of all 10 listed Adani Group companies declined by 2.81 lakh crore, bringing their total market capitalization to Rs 11.43 crore for the day.

According to recent reports, shares of Adani Energy Solutions saw a decrease of 20% to Rs 872 during Thursday afternoon trading. Similarly, stocks of Adani Enterprises, Adani Green Energy, and Adani Ports and Special Economic Zone experienced declines of 19%, 18%, and 14% respectively. Other companies such as Adani Total Gas, Ambuja Cements, Adani Power, Adani Wilmar, New Delhi Television, and ACC also witnessed drops ranging from 7% to 12% around 1.15 PM.

Mutual fund exposure to Adani stocks

Based on Trendlyne data for October 2024, 83 mutual funds purchased shares while 20 funds sold shares, resulting in a net increase of 46.07 lakh shares. The Quant Small Cap Fund Growth emerged as the largest buyer, while the Invesco India Arbitrage Fund Growth was identified as the largest seller during this period. 

Adani Enterprises: The Quant Small Cap Fund Growth purchased 24.68 lakh shares of Adani Enterprises, representing 0.21% of equity, while the Invesco India Arbitrage Fund Growth sold 7.57 lakh shares of Adani Enterprises, accounting for 0.07% of equity.  

Adani Power: As of October 2024, 61 funds increased their holdings in Adani Power, while five funds decreased their holdings, resulting in a net addition of 15.63 lakh shares.

The largest buyer was the SBI Nifty India Consumption Index Fund, which added 98,629 shares, equivalent to 0.00% of the total equity.

The largest seller was the Tata Equity P/E Fund, which sold 19.99 lakh shares, accounting for 0.05% of the total equity.

Adani Energy Solutions: Adani Energy Solutions observed 48 funds purchasing and six funds selling shares, resulting in a net increase of 3.5 lakh shares. The largest buyer was ICICI Prudential Nifty Next 50 ETF, while the largest seller was Tata Retirement Savings Progressive Fund Growth.

Here is a breakdown of the transactions:

ICICI Prudential Nifty Next 50 ETF
Action: Bought
Shares Traded: 11,579
% of Equity: 0.00%

Tata Retirement Savings Progressive Fund
Action: Sold
Shares Traded: 2.33 lakh
% of Equity: 0.02%

Adani Ports & SEZ: During the recent period, Adani Ports & SEZ experienced activity from 121 mutual funds making purchases and 27 funds selling shares, resulting in a net increase of 13.10 lakh shares.

The largest buyer during this time was SBI Focused Equity Fund Growth, while the largest seller was Kotak Balanced Advantage Fund Regular Growth.

Specifically, the Quant Small Cap Fund Growth bought 24.68 lakh shares, representing 0.21% of the equity, while Invesco India Arbitrage Fund Growth sold 7.57 lakh shares, amounting to 0.07% of the equity.