US authorities indict Indian billionaire Gautam Adani for fraud and bribery in a solar project, causing stock plunge.

Indian billionaire Gautam Adani and seven others, including his nephew, have been indicted by U.S. authorities for alleged bribery and fraud, involving a $265 million scheme to secure solar energy contracts in India. The charges have led to a significant drop in Adani Group's stock value, with shares falling by up to 20%. Adani Green Energy has canceled a $600 million bond offering, and the group's ability to raise funds is expected to be negatively impacted. Moody's has declared the charges "credit negative" for the group.

November 21, 2024
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