Adani Group faces stock plunge and $22B loss after US indictment over alleged $265M bribery in India.

Adani Group's stock prices dropped up to 20% after US prosecutors indicted chairman Gautam Adani and seven others for allegedly offering $265 million in bribes to secure solar energy contracts in India. The charges, which include fraud and bribery, have also caused a decline in Adani Group's bond prices and a $22 billion loss in market value. The US Securities and Exchange Commission has filed civil complaints against Adani and his associates, further impacting investor confidence. GQG Partners, a significant investor in Adani Enterprises, is reviewing its portfolio in response to the charges.

November 21, 2024
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