National Desk
21 November
Sandeep Dhand Ludhiana
Shares of the Adani Group have sharply declined following accusations against billionaire Gautam Adani by US lawyers. The group’s flagship firm, Adani Enterprises, saw a 20% drop, while other companies in the group, including Adani Energy and Adani Green Energy, faced similar losses. Some firms hit their lowest trading limits for the day.
The US Securities and Exchange Commission (SEC) has charged Adani and his associates in a case involving alleged bribery of Indian government officials. The group is accused of paying $250 million in bribes to secure favorable terms for a solar power contract. US attorney Brion Pease stated that the scheme was designed to secure billions of dollars in contracts through illegal means.
Adani’s nephew, Sagar R Adani, executive director of Adani Green Energy, and the group’s former CEO Vineet Jain are also named in the charges. The SEC has filed a civil case against them for conspiracy to commit securities fraud.
Despite the accusations, Adani Group has not yet issued an official response to the charges. The allegations have caused significant turmoil in the group’s stock prices and raised questions about its business practices on the global stage.