Adani Group Rebounds After Denying US Bribery Charges

Nov 27, 2024, 04:33 AM

Gautam Adani, one of Asia's richest men, has been indicted by US prosecutors for his alleged role in a $250 million bribery scheme aimed at securing solar-power contracts. The charges have led to a significant market value drop of nearly $30 billion for the Adani Group. The US Department of Justice (DOJ) indictment has sparked a political debate in India, with opposition parties demanding a discussion in Parliament and urging a CBI probe. However, Adani Group has refuted the bribery allegations, stating that no charges have been filed against Gautam Adani, his nephew Sagar Adani, or other key executives under the Foreign Corrupt Practices Act (FCPA). Following the clarification, Adani Group stocks, including Adani Green Energy, Adani Power, Adani Energy Solutions, Adani Enterprises, Adani Total, and Adani Ports, made a strong recovery, with some shares gaining up to 10%. The group's market capitalization rose by over Rs 1 lakh crore in a day, indicating a rebound in investor confidence.