Gautam Adani, his nephew, and six others have been charged by a New York court in a bribery case worth $250 million. The case is related to energy projects in India that are expected to generate $2 billion in profits over a span of 20 years.

The Adani Group has denied these allegations, but the news has led to a significant decline in Adani stocks. This decline has resulted in a loss of Rs 2.3 lakh crore in market capitalization and has had an impact on the already fragile market. This incident comes after previous turbulence for Adani stocks, including concerns raised by the Hindenburg report.

While some market experts are worried about the situation, international brokerage Bernstein has suggested that the market's reaction may be a knee-jerk response and that investor sentiment could stabilize soon.