Adani Enterprises tanks 11% after U.S. SEC seeks to issue direct summons

Adani Enterprises Ltd tanked 10.76% to ₹1,861.80 a share after the U.S. capital market regulator Securities Exchange Commission (SEC) sought U.S. court to bypass India and send summons to the conglomerate on bribery cases.

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The stocks opened at ₹2,080 a share and after a marginal hike, hitting the day’s high at ₹2,082, went on a free fall, tanking to ₹1,848 and improved slightly to settle at the day’s close. The apples to airports conglomerate’s green energy company Adani Green tanked the most, crashing 13,8% to ₹779.4 a share. Adani Power, Adani Total Gas and Ambuja Cements fell around 5% each. ACC cements fell 3% and New Delhi Television (NDTV) declined 4.5% on the National Stock Exchange.

The SEC had previously sent two summons to the Law Ministry in India. To the first one sent in April 2025, the Law Ministry declined on May 1 2025, citing the absence of an ink signature on the SEC’s cover letter and a seal on the documents, neither of which is required under the Hague Convention.

To the second summon, which was sent in September 2025, the Ministry of Law declined and, in December 2025, said that the law did not explicitly mention “summons.” “The Ministry appeared to suggest that the SEC lacks authority to invoke the Hague Convention or seek service of the Summonses.”

In its filings to the New York Southern District Court, the SEC said: “facts confirm that Defendants (Adani) are fully aware of the litigation and are actively managing their response. Accordingly, service by delivery of the Summonses and Complaint to Defendants’ attorneys and by email directly to Defendants is not only permissible under Rule 4(f)(3), but also fully consistent with the notice required by due process…For these reasons, the SEC respectfully requests an Order, in the form filed herewith, authorizing alternative methods of service by delivery of the Summons and Complaint

The conglomerate ran into trouble in November 2024, when the New York Eastern District Court passed an indictment to the company charging Adani Green of obtaining solar energy contracts from state governments of India by bribing the officials and providing false information to U.S. investors regarding its grafting rules.