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#I have taken some shares of State Bank of India Ltd (Rs.771.50) for my portfolio clients. I feel the shares have fallen purely on speculation.

Adani Group stocks plummeted 10-20% on Thursday, November 21st, after US authorities filed bribery charges against Gautam Adani and other executives. The group has already lost Rs.2 lakh crore in market capitalization. Photo: Adobe Photo.

But then allegations can be anything, hence we need to use the opportunity to buy the shares of this blue chip company in such speculative news. 

Furthermore, the stock of SBI Ltd fell on the speculation of loan exposure to Adani groups could go stale. 

#I have increased my holding in Adani Energy Solutions Ltd (Rs.697.25) in some of my portfolio accounts. Most of the brokerage houses are pretty bullish on the counter.

In the morning there was news report that: A US court indicted Gautam Adani and seven others including his nephew Sagar and 3 other executives on charges of fraud and bribery. The case pertained to a deal between Adani Green Energy and a US firm to sell 12 gigawatts of solar power to various states. The charges came on a day when the firm planned a green bond launch in the US. 

The U.S. Securities and Exchange Commission (SEC) has accused billionaire Gautam Adani, founder and chairman of the Adani Group, of defrauding U.S. investors and bribing officials. The SEC claims the bribery scheme was designed to help Adani Green and Azure Power, two renewable energy companies, profit from a multi-billion-dollar solar energy project awarded by the Indian government. The complaint alleges violations of federal securities laws' antifraud provisions and seeks permanent injunctions, civil penalties, and bans on serving as officers or directors.

In a positive development, Investec has expressed bullish sentiment towards Adani Energy Solutions. The brokerage firm sees significant potential for the company to benefit from a Rs. 9 lakh crore transmission opportunity. To further strengthen its position, Adani Energy Solutions has acquired Pune-III Transmission Limited. This acquisition includes the development of new 2x1500 MVA, 765/400 kV and 3x500 MVA, 400/220 kV substations, along with the construction of approximately 322 kilometers of transmission lines.

Meanwhile, an Adani Group spokesperson said the group would soon issue a statement. Sources in the Adani Group said the charges in the indictment are allegations and the defendants are presumed innocent unless proven guilty.

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By the way, I feel this is due to this reason that the FIIs were continuously selling in the Indian bourses, like it happened earlier in Heidelberg case. Now, since the news is out, we might see ebbing of the FII selling in the next couple of days.

Moreover, if NDA government comes to power in Maharashtra, then we could see a sharp rally in all the Adani group company shares.