The Adani Group has withdrawn plans for a $600 million bond issue following allegations of a $265 million bribery scheme. Gautam Adani and associates were indicted in the U.S., accused of paying bribes to secure solar energy contracts in India. This revelation caused Adani Group stocks to drop by up to 20%, erasing billions in market value. The charges intensify scrutiny of the conglomerate, already under fire for alleged corporate malpractices.
The U.S. indictment accuses Adani Group of bribing Indian officials for lucrative solar energy contracts, concealing these actions from U.S. investors while raising significant funds. Following the charges, the company faced a steep market valuation loss, with stocks falling by 20%. In response, the Adani Group issued a statement denying wrongdoing and emphasizing compliance with regulations. The scandal prompted the cancellation of its $600 million bond issuance, reflecting shaken investor confidence and raising concerns about governance practices within the conglomerate.
Congress leader Rahul Gandhi has called for the immediate arrest of Gautam Adani following U.S. bribery allegations against the billionaire. The charges involve paying over $250 million in bribes to secure government contracts in India, causing Adani Group stocks to drop significantly. Gandhi accused Prime Minister Narendra Modi of protecting Adani due to their alleged close ties, claiming this hinders accountability. He also criticized the lack of action from the government, demanding stricter measures and transparency regarding the allegations
