Adani Group Stocks Plummet Amid Bribery Charges

Shares of the Adani Group plummeted up to 23% following U.S. federal prosecutors' indictment of its founder, Gautam Adani, for an alleged $265 million bribery scheme involving Indian government officials. The market capitalization of the group dropped significantly, erasing approximately $27 billion in value as multiple companies saw their stocks fall between 7% and 30%. Adani Group has denied the allegations, labeling them as 'baseless' and is set to pursue legal recourse. The indictment comes just two years after prior accusations from Hindenburg Research regarding stock manipulation and improper use of tax havens. Investor confidence has been severely impacted, leading to a canceled U.S. bond offering by Adani Green Energy and a potential further decline in stock values. Despite a slight recovery in some stocks, the overall market sentiment remains negative as the group navigates this renewed crisis.