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US indictment rocks Adani stocks, bonds
Mint Mumbai
|November 22, 2024
Investor sentiment shaken as charges against Adani led to market losses
Adani group executives' indictment in a bribery case in the US roiled the Indian markets, with stocks of the conglomerate's taking a massive hit in a selloff. The slide followed the announcement by 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 to influence 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 US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," it said. "All legal recourse will be sought."
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