Big Blow Of $28 Billion Loss For Adani

Shares of Adani Group companies lost $28 billion in market value on Thursday following charges of bribery and fraud against the conglomerate's chairman Gautam Adani. His flagship company Adani Enterprises, saw a 23% drop while other Adani companies like Adani Ports, Adani Green and Adani Power saw declines between 9% and 20%. The group’s total market value fell from $169.08 billion to $141 billion.

U.S. prosecutors accused Gautam Adani and his nephew, Sagar Adani, along with six others, of paying $265 million in bribes to secure contracts worth $2 billion. Adani Green issued a statement confirming criminal charges against its board members, including Gautam and Sagar Adani. Following the news, Adani Green canceled its U.S. dollar bond offering.

The indictment follows a 2023 report from Hindenburg Research accusing Adani of stock manipulation and using tax havens. Adani Group’s dollar bonds also saw significant losses.