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Adani stocks partially recovered on November 21 after the Adani Group labeled US bribery charges against chairman Gautam Adani as "baseless." The allegations involve a $250-million bribe to Indian officials for favorable solar power contracts. Following the statement, Adani Ports' stock rebounded over 10% from a day's low, trading at Rs 1,143.65, though still nearly 10% lower overall.
India's main opposition party has called for an investigation into billionaire Gautam Adani following his indictment in the US for allegedly bribing government officials. Rahul Gandhi questioned Prime Minister Narendra Modi's connections to Adani, suggesting they shielded him from scrutiny. The opposition plans to address the issue in parliament and is seeking a joint committee to investigate the matter and push for Adani's arrest.
Adani Group stocks plummeted following Gautam Adani's indictment in New York for alleged bribery and fraud, leading to a significant sell-off in public sector lenders like SBI, BoB, and PNB. Analysts view this as a temporary reaction, suggesting it presents a buying opportunity due to the banks' strong fundamentals and improved asset quality. They anticipate recovery as the Adani Group provides further clarity on the situation.
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.
Nvidia's third-quarter earnings exceeded expectations, with revenue soaring 94% year-on-year to $35.08 billion and net income rising 109% to $19.3 billion. However, shares fell 2.5% in extended trading as investors reacted to a slower growth rate compared to previous quarters, highlighting heightened expectations for the chipmaker. Meanwhile, Adani Group's shares plummeted following fraud charges against its chair, and the U.S. DOJ recommended Google divest its Chrome browser amid monopoly concerns.
The Adani Group has dismissed allegations from US prosecutors claiming that founder Gautam Adani and his associates were involved in a $250 million bribery scheme to secure solar energy contracts in India. The group labeled the accusations as baseless and announced plans to pursue all legal avenues for defense.
Gautam Adani's wealth plummeted by $15 billion following charges from US prosecutors related to a $250 million bribery scheme. The allegations caused significant declines in the stock and bond values of his companies, erasing his gains for the year.
Congress leader Rahul Gandhi has accused Prime Minister Narendra Modi of protecting Gautam Adani, following the billionaire's indictment in the US for allegedly paying $250 million in bribes to Indian officials for favorable solar power contracts. Gandhi questioned why Adani remains free in India despite these serious charges.
The Sensex fell by 424.48 points (0.55%) to 77,153.90, while the Nifty dropped 165.10 points (0.70%) to 23,353.40 amid concerns over a $250 million bribery indictment against Gautam Adani and geopolitical tensions from the Russia-Ukraine conflict. Public sector banks and energy stocks were particularly hard hit, with 2,354 shares declining compared to 958 advancing. Analysts suggest that the combination of these factors is leading investors to adopt a cautious approach, further pressuring the markets.
BJP IT cell head Amit Malviya responded to Congress's criticism following US prosecutors charging Gautam Adani with a $250 million bribery scheme. He pointed out that the states implicated in the indictment were governed by opposition parties at the time and questioned the timing of the charges, coinciding with the upcoming Parliament session and Donald Trump's presidency. Adani's stocks have reportedly plunged 20% in light of the allegations.
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