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S&P Global Ratings has downgraded the outlook for Adani Ports, Adani Green Energy, and Adani Electricity Mumbai to negative, citing risks to cash flow and funding access following bribery charges against founder Gautam Adani. The US indictment could lead to increased borrowing costs and governance concerns for the Adani Group. Despite these changes, S&P maintained its 'BBB-' rating on Adani Electricity and Adani Ports, and a 'BB+' rating on Adani Green Energy.
Adani Group's stocks continued to decline following serious bribery allegations against Gautam Adani, with a staggering market capitalisation loss of Rs 2.2 lakh crore on November 21. Adani Enterprises plummeted 23% to Rs 2,184, while Adani Green Energy fell 20% to Rs 1,146. Other firms, including Adani Energy Solutions and Adani Ports, also experienced significant losses, further impacting the group's market value.
In June 2020, Gautam Adani's renewable energy company secured the largest solar development bid to date, committing to supply 8 gigawatts of electricity to a state-owned power company. This landmark agreement underscores the growing significance of solar energy in India's power landscape.
Indian billionaire Gautam Adani and his nephew Sagar have been indicted for allegedly bribing officials in a $265 million scheme to secure power-supply contracts. The fallout has led to a significant drop in Adani Group's market value, with shares plummeting and Kenya canceling a major airport deal with the conglomerate. U.S. authorities claim the Adanis misled investors while raising over $3 billion by concealing corruption.
Gautam Adani and executives from Adani Group face U.S. federal charges for a massive bribery scheme involving $265 million in bribes to Indian officials to secure energy contracts. The allegations have led to significant market repercussions, including steep declines in Adani's stock and bond values, raising concerns about foreign investment in India. The SEC has labeled the actions a "massive bribery scheme," while Adani Group denies the allegations, asserting its commitment to governance and compliance.
The Adani Group has disclosed a US anti-bribery investigation, following an FBI raid on Sagar Adani, a nephew of Gautam Adani, nearly a year prior. The US Department of Justice has indicted Sagar and Gautam Adani for allegedly violating the Foreign Corrupt Practices Act by bribing Indian officials. In a March 2024 bond issuance document, Adani Green acknowledged the investigation but did not specify any potential probes against its promoters.
Gautam Adani faces US bribery charges linked to a $250 million scheme, causing significant declines in Adani Group stocks, which fell up to 25% on November 21. The group's market capitalization dropped by Rs 2.2 lakh crore, impacting related companies and major lenders like SBI and PNB, whose stocks fell by up to 7%.
The US Justice Department has charged Gautam Adani and several associates with a scheme involving over $250 million in bribes to Indian officials, linked to a problematic 2020 power contract with the Solar Energy Corporation of India. The allegations threaten Adani's $169 billion empire and present a significant challenge for Prime Minister Narendra Modi, while the conglomerate has denied the claims, asserting compliance with all laws and intent to pursue legal recourse.
India's Adani Group has vehemently denied U.S. allegations of bribery and fraud involving its chairman, Gautam Adani, following an indictment in a New York federal court. The charges claim over $250 million in bribes were paid to secure solar energy contracts worth more than $2 billion in profits. In response, the company emphasized its commitment to governance and regulatory compliance, stating that all claims are "baseless" and that it will pursue all legal avenues to address the allegations.
Adani Group's market capitalization plummeted by Rs 2.2 lakh crore on November 21, with stocks falling up to 20% following US bribery charges against Gautam Adani. Prosecutors allege he and other executives paid over $250 million in bribes to secure solar energy contracts, violating federal laws while raising $1.36 billion from American investors. Just hours before the allegations, Adani raised an additional $600 million through green dollar bonds from US investors.
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S&P downgrades outlook on Adani Group amid bribery allegations and risks
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adani stocks plummet amid us bribery allegations and market turmoil
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us indictment of adani group triggers market turmoil and airport deal cancellation
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00:07 22.11.2024
adani group faces serious allegations of bribery and fraud in us investigation
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18:47 21.11.2024
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adani group faces market turmoil after us bribery charges
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10:27 21.11.2024
us charges against adani highlight corruption allegations and political implications
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10:18 21.11.2024
adani group denies us fraud and bribery allegations as shares plummet
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09:07 21.11.2024
Adani Group faces 2.2 lakh crore loss amid US bribery allegations
United States Dollar
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07:24 21.11.2024
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