Adani's US indictment rocks group stocks and bonds alike

Investor sentiment shaken as charges against Adani led to market losses

- Dipti Sharma

Adani group executives' indictment in a bribery case in the US roiled the Indian markets, with the conglomerate's stocks taking a massive hit in the selloff.

The turbulence followed an announcement from the US Attorney's Office in New York in the early hours of Thursday (India time), indicting group chairman Gautam Adani and seven senior executives. The allegations? A $250 million (around ₹2,100 crore) bribery scheme aimed at influencing Indian officials to secure favourable solar power contracts for Adani Green Energy Ltd and New Delhi-based Azure Power Global Ltd.

The Adani group dismissed the allegations. "The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," it said in a statement. "All possible legal recourse will be sought."