Shares of several Adani Group companies, including the flagship Adani Enterprises, plunged and hit their lower circuit limits in early trading on Thursday, November 21. The decline followed news that Gautam Adani had been indicted in New York over his alleged involvement in a multibillion-dollar bribery and fraud scheme.
US authorities allege that over $250 million in bribes were promised to Indian government officials in exchange for securing solar energy contracts.
Shares of several Adani Group companies, including the flagship Adani Enterprises, plunged and hit their lower circuit limits in early trading on Thursday, November 21.
— FOEJ Media (@FoejMedia) November 21, 2024
The decline followed news that Gautam Adani had been indicted in New York over his alleged involvement in a… pic.twitter.com/vjJfFeP2K9
A five-count criminal indictment was unsealed today in federal court in Brooklyn charging Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain, executives of an Indian renewable-energy company (the Indian Energy Company), with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions on the basis of false and misleading statements,” said a statement from US Attorney’s Office, Eastern District of New York.
Adani Group denied the allegations and said it will seek all possible legal recourse.
“The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” it said
The Adani Group reiterated its commitment to upholding the highest standards of governance, transparency, and regulatory compliance across all regions of its operations. “We assure our stakeholders, partners, and employees that we are a law-abiding organization, fully compliant with all laws,” the company stated.
