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Indian billionaire Gautam Adani has been indicted in New York for his alleged involvement in a $265 million bribery scheme. As a first-generation tycoon, his remarkable ascent has been marred by numerous controversies both domestically and internationally.
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.
Gautam Adani and several officials face charges in a US indictment for a multi-billion-dollar bribery scheme involving securities and wire fraud. The allegations include making false statements to secure funds from US investors and global financial institutions. Following the indictment, Adani Green announced it would not proceed with its planned Dollar bond offerings.
European stocks are poised for a slight increase amid mixed market sentiment, following Nvidia's disappointing earnings forecast that impacted Asian semiconductor stocks. Meanwhile, shares of India's Adani Group plummeted after its chairman faced federal bribery charges, with significant losses across its companies. Concerns over stretched market valuations and inflation persist, as Federal Reserve officials express caution regarding economic stability.
Moody’s Ratings has labeled the bribery charges against Gautam Adani, chairman of the Adani Group, as credit negative for the conglomerate. The U.S. indictment alleges Adani and senior executives were involved in a $250 million bribery scheme to secure solar energy contracts, leading to concerns among international investors. The charges include false statements to U.S. investors and obstructing justice by tampering with evidence.
Gautam Adani faces US charges for allegedly orchestrating over $250 million in bribes to Indian officials for solar energy contracts. The indictment details his personal meetings with authorities, co-conspirators' communications, and extensive documentation of their bribery efforts.
Bank stocks experienced a sharp decline on November 21, driven by a broad market sell-off and bribery allegations against Gautam Adani and his executives. Most banking stocks fell, with major public sector banks like State Bank of India and Bank of Baroda losing 4-8%, while private sector banks showed relatively better performance.Following the Hindenburg report in January 2023, several banks disclosed their exposure to the Adani Group, with Life Insurance Corporation reporting Rs 35,920 crore and State Bank of India revealing approximately Rs 27,000 crore in total exposure.
Shares of GQG Partners plummeted 25% following the indictment of Adani Group Chair Gautam Adani for fraud, marking the firm's worst trading day since its 2021 listing. GQG, which holds a 3.94% stake in Adani Enterprises, is reviewing the situation while noting that over 90% of its assets are in unrelated investments. Adani Group shares also fell sharply after a previous report accused the company of extensive fraud, leading to significant losses in early 2023.
Adani Group stocks faced significant declines following allegations that Gautam Adani was involved in a $250 million bribery scheme. Bernstein India's head of research, Venugopal Garre, dismissed the market's reaction as short-term, suggesting that such incidents are common in the infrastructure sector and that the market will likely recover quickly. Adani Enterprises shares dropped 10%, while Adani Green Energy and Adani Energy Solutions fell 17% and 20%, respectively.
PSP Projects' share price plummeted over 9% on November 21, following US charges against Gautam Adani related to a Rs 2,100 crore bribery scheme for solar energy contracts in India. This decline occurred just after the announcement of Adani Infrastructure's acquisition of a 30.07% stake in PSP Projects for Rs 685 crore, which will lead to a reconstitution of the company's board. The stock hit an intraday low of Rs 609 on the NSE.
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