The market value of the companies of the Indian conglomerate Adani Group plummeted by $27 billion in one day, Reuters reports. This comes after the United States accused the group’s president, Guatam Adani, and his associates of bribery and fraud.
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Shares of flagship company Adani Enterprises fell 23% on Thursday, November 21, their lowest level since November 2023. This was the sharpest one-day drop in the company’s values since February last year. According to Reuters, the share prices of other companies in the group fell by between 7% and 19%.
Earlier this week, U.S. authorities said Adani and seven others, including his nephew Sagar Adani, agreed to pay $265 million in bribes to Indian officials to obtain contracts and work on India’s largest solar energy project for generate $2 billion in profits over 20 years.
Prosecutors added that Adani and his nephew, along with former Adani Green Energy CEO Vneet Jaain, raised more than $3 billion in loans and bonds while hiding their actions from creditors and investors.
Amid the accusations, Adani Green Energy canceled plans to raise $600 million through dollar bonds, Reuters notes.
The Adani Group in a statement rejected the allegations against Adani, calling them “baseless and false” and vowed to pursue “all available legal remedies.”
In February 2023, the American company Hindenburg Research accused the Adani Group of misusing tax shelters and engaging in stock manipulation, which the conglomerate also denied, Reuters recalled.
Author:
Daria Sidorova
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
