Adani Group Stocks Live Today: Adani Power, Adani Green Energy, Adani Enterprises in focus after Gautam Adani indicted in US

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autam Adani-led Adani Group Stocks Today, Adani Group stocks Live Today: Adani Adani Group stocks in focus after Gautam Adani charged in US with $250 million bribery, fraud. US prosecutors charged Gautam Adani with helping drive a $250 million bribery scheme, threatening to throw the Indian tycoon’s conglomerate back into turmoil just as it rebounded from a short-seller’s fraud allegations.

Adani, 7 others indicted for alleged $250 million bribery case in US

A five-count criminal indictment was unsealed in federal court in Brooklyn charging Gautam Adani, Sagar R. Adani and Vneet S. Jaain with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions on the basis of false and misleading statements. 

As alleged in the indictment, between 2020 and 2024 Adani and others agreed to pay more than $250 million in bribes to Indian government officials to obtain lucrative solar energy supply contracts with the Indian government, which were projected to generate more than $2 billion in profits after tax over an approximately 20-year period.

Click to read bl Mumbai Bureau report here

ALL UPDATES

  • November 21, 2024 09:32

    Adani Group stocks in focus: Adani Group stocks down 8-20 per cent on reports that the United States Justice Department indicts Gautam Adani and 7 other senior executives on bribery charges.

  • November 21, 2024 09:31

    Adani Green Energy in focus: Adani Green Energy’s dollar notes fell by a record 15 cents, and other bonds from the conglomerate dropped significantly

    Bloomberg input

  • November 21, 2024 09:26

    Adani Group scraps $600 million bond on US bribery charges – Bloomberg

    Units of Adani Group scrapped a $600 million dollar bond on Thursday after US prosecutors charged Gautam Adani, the group founder with participating in an alleged bribe plot. The group’s existing US-currency notes plunged in Asian trading. 

    The conglomerate decided not to proceed with the offering in view of recent press releases from Department of Justice and the Securities and Exchange Commission, according to a person familiar with the matter who asked not to be identified.

    Billionaire Adani, one of the richest men in the world, was charged with allegedly participating in a scheme that involved promising to pay more than $250 million in bribes to Indian government officials to secure solar energy contracts. Hours before, units of the billionaire’s conglomerate had priced a bond offering that it later told investors it would scrap. 

    “While Adani has shown resilience in weathering past allegations, including those from Hindenburg, this development underscores the persistent risks associated with emerging markets, particularly around governance, transparency, and regulatory scrutiny,” said Mohit Mirpuri, a fund manager at Singapore-based SGMC Capital Pte.

    Bloomberg input | Read here

  • November 21, 2024 09:19

    Gautam Adani indicted in the US over alleged $250 million bribe plot – Bloomberg

    US prosecutors charged Gautam Adani with helping drive a $250 million bribery scheme, threatening to throw the Indian tycoon’s conglomerate back into turmoil just as it rebounded from a short-seller’s fraud allegations.

    Federal prosecutors alleged on Wednesday that Adani, one of the world’s richest people, and other defendants promised to pay more than $250 million in bribes to Indian government officials to win solar energy contracts, and concealed the plan as they sought to raise money from US investors. The five-count indictment also accuses Gautam’s nephew Sagar R. Adani and Vneet S. Jaain, both executives at an Indian renewable-energy company, of breaking federal laws.

    “The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars,” Breon Peace, US Attorney for the Eastern District of New York which brought the case, said in a statement. US law allows federal prosecutors to pursue foreign corruption allegations if they involve certain links to American investors or markets. 

    Bloomberg input