Shares in India’s Adani Group plunge 20% after US bribery, fraud indictments
1 month ago

Shares in India’s Adani Group plunge 20% after US bribery, fraud indictments

Associated Press  

NEW DELHI — One of Asia’s richest men, Indian tycoon Gautam Adani, is again in the spotlight. India’s main opposition also demanded a parliamentary committee probe into Adani Group dealings, which Jairam Ramesh, a leader of the Congress Party, said are causing “growing monopolization in key sectors of the Indian economy, fueling inflation, and posing huge foreign policy challenges as well.” When did allegations of wrongdoing surface? Last year, the Adani companies lost $68 billion in market value after short-selling firm Hindenburg Research accused Adani of “pulling the largest con in corporate history,” triggering a massive sell-off of the group’s stocks. The Adani group dismissed Hindenburg’s allegations, saying none were “based on independent or journalistic fact finding.” Adani’s response included documents and data tables and it said the group had made all necessary regulatory disclosures and has abided by local laws. On Oct. 31, court records show, U.S. prosecutors asked, and a judge agreed, to partially unseal Gautam Adani’s indictment and arrest warrant “for the limited purpose of providing these documents to foreign law enforcement.” The arrest warrants are not yet publicly available.

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