Gautam Adani is facing charges from US prosecutors related to a bribery scheme worth $250 million. This has caused significant market turmoil, with shares of Adani Group companies, such as Adani Enterprises, Adani Green Energy, and Adani Energy Solutions, dropping by up to 25% on November 21.

The conglomerate has suffered a loss of Rs 2.2 lakh crore in market capitalization. Other affiliated firms, including Adani Ports, Adani Total Gas, and Ambuja Cements, also experienced steep declines. The banking sector has been affected, particularly major lenders to Adani Group firms. Public sector banks like State Bank of India, Bank of Baroda, and Punjab National Bank saw their stock prices fall by as much as 7%. The Nifty Bank and Nifty PSU Bank indices dropped between 1% and 3%, while private sector banks faced losses but fared relatively better.

Additionally, shares of PSP Projects, which recently announced a stake acquisition by Adani Infrastructure, fell over 9% before recovering slightly. These allegations have had a widespread impact on market sentiment across various sectors.