Adani Enterprises net tanks 97%, stock down 3%

Adani Enterprises posted a sharp fall in its quarterly profit, weighed down by the coal trading unit and a foreign exchange loss, marking a tepid show in its first earnings since billionaire-chairman Gautam Adani was indicted in a US bribery probe in Nov.
Net income at Adani flagship firm fell 97% to Rs 57.8 crore for the quarter ended on Dec 31, compared with the same period a year earlier, according to an exchange filing . There weren’t enough brokerages tracking the company to derive an average profit forecast. Shares closed almost 3% lower on BSE on Thursday.
Revenue for the firm – known as the group’s incubator overseeing a motley mix of fledgling businesses including airports, roads, data centers and health care – slipped 8.8% to Rs 22,850 crore. The earnings signal headwinds for the company as it undertakes capital spending, while Adani and his nephew face allegations by US prosecutors. They have been accused of participating in an over $250 million bribery scheme involving Indian officials for securing green energy contracts and concealing that from US investors.