Adani Group loses $27 Billion after Indian billionaire accused of bribery

Following accusations by U.S. prosecutors against Indian billionaire Gautam Adani for fraud and bribery, the market value of Adani Group companies has plummeted by $27 billion. However, the Adani Group has dismissed the allegations as “baseless.”

Adani Enterprises, the flagship company of Gautam Adani, experienced a 23% drop in its stock value on Thursday, marking its steepest single-day decline since February last year.

After reports surfaced about allegations of bribery involving Adani and his associates, shares of several subsidiaries within the Adani Group fell between 8% and 19%.

Previously, U.S. prosecutors accused Gautam Adani and seven of his associates of fraud and bribery. They allegedly agreed to pay $265 million in bribes to Indian officials to secure a lucrative contract.

According to the reports, Adani and his team allegedly attempted to secure India’s largest solar power development contract by paying bribes.

The contract was expected to generate more than $2 billion in profit over a 20-year period.

The Adani Group has denied the accusations, stating it will utilize all legal avenues to challenge them.

This controversy has cast a shadow over the group’s reputation, raising questions about corporate governance and regulatory oversight in India. The fallout also highlights the potential global repercussions of such high-profile allegations.

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