Adani Green Energy shares declined 2.95% to ₹1,406.50 per unit on Wednesday, June 3, according to latest NSE trading data. The broader renewable energy sector faced pressure with Waaree Energies down 0.96% to ₹3,070, ACME Solar Holdings falling 1.96% to ₹328.20, and NTPC Green Energy trading 0.14% lower at ₹101.20 per share. This decline follows Monday's broader 4% sell-off across multiple Adani Group companies triggered by fresh US regulatory scrutiny over alleged bribery in renewable energy operations. The latest trading session occurred amid NIFTY falling 1.18% to 23,206 and SENSEX slipping 957 points to 73,692 at 11:12 am.
The latest stock decline was triggered by US authorities coming under scrutiny over alleged bribery related to Adani Group's renewable energy operations, as reported by multiple sources. This regulatory development suggests that separate or continuing lines of inquiry may remain active, creating fresh overhang that sent shares lower on Monday. The core allegation centres on renewable energy contracts, with US prosecutors alleging that Gautam Adani, Sagar Adani (his nephew), and other executives paid or promised approximately $265 million in bribes to Indian government officials to secure solar energy supply contracts expected to yield over $2 billion in profits over 20 years.
Despite the regulatory scrutiny, Adani Green Energy continued its operational expansion with wholly owned subsidiary Adani Hybrid Energy Jaisalmer Five Ltd operationalising a 50 MW solar power project at Khavda, Gujarat on Monday. As per the company's exchange filing, this commissioning brought AGEL's total operational renewable generation capacity to 19,835.8 MW and total operational BESS capacity to 3,366 MWh. ACME Solar Holdings also advanced operations through its subsidiary, commissioning a 33.333 MW/160.512 MWh capacity Battery Energy Storage System (BESS) project in Rajasthan on June 1, achieving total commissioned capacity of 266.669 MW/1283.936 MWh. These operational milestones highlight the group's continued investment in renewable energy infrastructure despite legal challenges.
ACME Solar Holdings announced a qualified institutional placement (QIP) to raise up to ₹2,800 crore to primarily reduce debt and general corporate purposes, with the floor price set at ₹294.13 per share. The stock has declined 1.59% in the past week and 1.26% in a month, though it remains 4.20% higher year-to-date. Waaree Energies has traded between its 52-week high of ₹3,865 (September 12, 2025) and 52-week low of ₹2,403 (January 21, 2026). The consistent pattern of 3% to 20% declines following US regulatory developments, followed by partial recoveries as traders focus on operational performance, continues to characterize market reactions to Adani Group renewable energy stocks.
The June 3 trading session highlights a fundamental tension between the group's declared resolution of US legal proceedings and market skepticism about their durability. On May 31, 2026, Gautam Adani's annual shareholder letter stated that US legal matters were 'behind us,' supported by concrete resolutions including DOJ dropping all charges on May 18, SEC settlement for $18 million on May 15, and OFAC settlement for $275 million on May 19. However, the fresh scrutiny headline directly undermines this improving sentiment, suggesting that new or continuing inquiries by US authorities related to renewable energy bribery may still be active. The market is pricing in uncertainty that the US regulatory cycle may not be fully complete, constraining the return of institutional capital that had been expected to flow back after the May resolutions.
