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What will be the impact of the bribery charges on Adani Group's stock price by June 30, 2025?
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Gautam Adani Faces $250M Bribery Charges from US DOJ, Adani Group Denies Allegations
Nov 29, 2024, 10:34 AM
Gautam Adani, an Indian billionaire, has been charged by the U.S. Department of Justice for his alleged role in a $250 million bribery scheme. This development has significant implications for Adani's business empire, which is deeply intertwined with India's banking system and plays a crucial role in the country's energy transition. The Adani Group, with $31 billion in debt, is a key player in India's infrastructure boom, and the charges risk disrupting this sector. The Indian Ministry of External Affairs (MEA) has stated that this is a legal matter involving private firms and individuals, and the U.S. government did not inform India in advance. The MEA also mentioned that no formal request for service of summons or arrest warrant has been received from the U.S. side, emphasizing that such requests are part of mutual legal assistance and would be examined on their merits if received. The Adani Group denies the charges, making this a diplomatic issue as well as a legal one.
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