Adani Group Chairman Charged with Bribery

Gautam Adani's net worth has plummeted by approximately $12.3 billion following U.S. prosecutors' allegations of bribery and fraud involving him and his nephew, Sagar Adani. The Adani Group experienced a dramatic decline in market value, with losses totaling as much as $34 billion in one day, as shares of its key companies fell sharply. The U.S. indictment claims that the Adani Group engaged in a scheme to pay about $265 million in bribes to Indian officials for lucrative solar energy contracts, which could yield profits of up to $2 billion. This comes after years of scrutiny following a controversial report by Hindenburg Research that accused the conglomerate of stock manipulation. In light of these developments, Adani Green Energy canceled a planned bond sale, indicating growing challenges for accessing global capital markets. The Adani Group has dismissed the allegations as baseless and plans to pursue legal recourse.