Sensex, Nifty tumble amid broad-based selloff; Adani group stocks nosedive

Sensex and Nifty plummet due to Adani group stocks fall, foreign fund outflows, and weak global trends.

Equity benchmark indices Sensex and Nifty tumbled on Thursday (November 21, 2024) amid a sharp fall in Adani group stocks after billionaire industrialist Gautam Adani was charged in the U.S. for alleged bribery and fraud.

Besides, unabated foreign fund outflows and weak trends in Asian and European peers also dragged benchmark indices lower.

The BSE benchmark Sensex tanked 422.59 points or 0.54% to settle at 77,155.79. During the day, it lost 775.65 points or 0.99% to 76,802.73.

The NSE Nifty slumped 168.60 points or 0.72% to 23,349.90.

From the 30-share Sensex pack, Adani Ports tumbled over 13% after Gautam Adani was charged by U.S. prosecutors over his role in an alleged years-long scheme to pay $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.

All other Adani group stocks, including Adani Enterprises, Adani Energy Solutions, Adani Ports and Adani Green Energy, fell sharply by up to nearly 23%.

State Bank of India, NTPC, ITC, Asian Paints, Bajaj Finance and Bajaj Finserv were also among the major laggards.