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CNBC reports:
India’s Adani Group saw shares of its companies plunge Thursday after its billionaire chairman Gautam Adani was indicted in a New York federal court over his alleged involvement in an extensive bribery and fraud operation.
The 62-year-old billionaire and the seven other defendants have been accused of paying over $250 million in bribes to Indian government officials to secure solar energy contracts that could generate more than $2 billion in profits.
The Indian group’s flagship firm Adani Enterprises fell 23%, while the company in the eye of the storm Adani Green Energy tanked 18.95%. Adani Energy fell 20%.
Adani Power lost 14.48%, Adani Port’s share price dropped 20%, while the group’s retail arm Adani Wilmar shed 10%…
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Now you may also want to read this: “Adani investor GQG Partners’ shares crash 25% — on pace for record loss after Gautam Adani’s indictment”.
And this: “Adani Group slams ‘baseless’ New York fraud and bribery charges“.
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