The Adani Group Loses $55 Billion in the US
The Adani Group, an Indian conglomerate, has reported a significant loss of nearly $55 billion in market capitalization following the recent US charges against its founder and other officials for fraud. The company strongly denies these allegations.
The Adani Group in India reported a staggering loss of nearly $55 billion in market value following accusations from US prosecutors of fraud and bribery. The charges, filed on November 20, 2024, accuse the conglomerate’s founder, Gautam Adani, and several of his associates of misleading investors and offering bribes to Indian government officials to secure lucrative contracts.
The indictment, brought by the US Department of Justice, alleges that Adani and his team orchestrated a scheme to offer and promise bribes to government officials ...