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GQG Partners, a major investor in Adani Group, experienced a 13% drop in share price following a UBS downgrade, losing A$600 million in value amid US bribery and securities fraud charges against Gautam Adani and associates. The situation has raised concerns over Adani Green Energy's power supply agreement with Andhra Pradesh, which could lead to increased tariffs for consumers if cancelled. Despite the challenges, Adani Group's recent stock performance indicates some investor confidence remains.
Gautam Adani addressed recent US bribery allegations, asserting that such challenges only strengthen the Adani Group. He emphasized that no one from the company has been charged with violations of the Foreign Corrupt Practices Act and reaffirmed their commitment to regulatory compliance amid the spread of negativity.
Adani Group CFO Jugeshinder Singh has firmly denied U.S. allegations implicating executives, including Chairman Gautam Adani, in a $265 million bribery scheme related to Indian solar power contracts. Singh stated, "We reject all of this strongly," emphasizing that no such payments occurred. Meanwhile, the Indian government confirmed it has not received any requests from U.S. authorities regarding the case.
Adani Green Energy Ltd. plans to consider reviving its previously scrapped $600 million dollar bond sale between April and June 2025, according to Group CFO Jugeshinder Singh. This decision reflects the company's resilience amid ongoing scrutiny following a US probe into founder Gautam Adani. Singh stated that the bond sale will proceed once there is clarity on the situation.
Gautam Adani and seven others face U.S. bribery charges linked to a single contract of Adani Green Energy, representing about 10% of its business. The group’s CFO emphasized that no other companies within the conglomerate are implicated, while the indictment has already impacted share prices and led to the cancellation of significant deals in Kenya. Adani has denied the allegations, calling them baseless, and plans to provide further comments pending legal approval.
The Adani Group plans to address bribery allegations from the US following a thorough legal review and after obtaining counsel approval on sub-judice matters. CFO Jugeshinder Singh stated that none of the group's 11 companies face indictment or accusations of wrongdoing.
Adani Group's CFO defended the company against U.S. bribery charges, asserting that the allegations are linked to a single contract from Adani Green Energy, which constitutes about 10% of its business. The group has denied the claims as "baseless," emphasizing that none of its 11 public companies are indicted or accused of wrongdoing.
Jugeshinder Singh
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