Shares in India’s Adani Group took a significant hit on Thursday, dropping by as much as 20 percent, following the unsealing of a U.S. indictment against its founder, Gautam Adani.
The charges accuse the 62-year-old tycoon of duping investors through a massive solar energy project in India, which allegedly involved bribery schemes.
The indictment was filed by federal prosecutors in New York, who charged Adani with securities fraud and conspiracy to commit securities and wire fraud.
Adani Group Scraps US Bond Offering in Wake of Legal Action
The legal troubles surrounding Adani have already had financial consequences. In response to the U.S. indictments, the Adani Group canceled a planned U.S. dollar-denominated bond offering.
India’s Adani Group Chairman Gautam Adani addresses the Vibrant Gujarat Global Summit in Gandhinagar, India, Jan. 10, 2024. On Thursday, stocks in Adani’s company plunged up to 20 percent after he was indicted by U.S…. India’s Adani Group Chairman Gautam Adani addresses the Vibrant Gujarat Global Summit in Gandhinagar, India, Jan. 10, 2024. On Thursday, stocks in Adani’s company plunged up to 20 percent after he was indicted by U.S. prosecutors on charges he duped investors in a massive solar energy project. More Ajit Solank/AP Photo
This move was announced by Adani Renewables in communications to both the BSE (formerly known as the Bombay Stock Exchange) and the National Stock Exchange of India.
The Adani Group, however, firmly denied the allegations, describing the charges against its directors as
Adani Group Shares Tumble 20% After US Bribery Indictment
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