Adani Group faces escalating challenges as U.S. authorities indict its founder on bribery and fraud charges, leading to a significant selloff in its stocks and bonds. Major partners, including TotalEnergies and the Kenyan government, have halted investments, while the U.S. International Development Finance Corp reviews its agreements with the conglomerate. The situation has prompted scrutiny from Indian regulators and calls for further investigation into the group's financial practices.
Fitch has placed several Adani Group bonds on negative watch following the indictment of key executives on bribery charges by U.S. authorities. The agency will assess the potential impact on Adani's financial stability, particularly regarding funding access and credit spreads. Additionally, ratings for four senior unsecured dollar bonds from Adani subsidiaries have been downgraded from stable to negative.
Adani Group stocks showed signs of recovery after a significant drop due to US bribery charges. Adani Ports and SEZ rose 1.7% to Rs 1,133, while Adani Green Energy climbed 3.5% to Rs 1,186. Despite this, Adani Energy Solutions fell 3.5% to Rs 673, following a tumultuous session that saw the group lose Rs 2.2 lakh crore in market capitalization.
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.
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