Adani Group sees $30 billion in value wiped off after U.S. indictments

Shares of Adani Group companies lost about $28 billion in market value in morning trade on November 21 after U.S. prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday (November 21, 2024) after U.S. prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23%, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20% and 90%.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

U.S. authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the U.S. Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

Also read: U.S. charges Gautam Adani with defrauding investors, hiding plan to bribe Indian officials

The U.S. Justice Department also included Adani Green board member Vineet S. Jain in the criminal indictment, it said.