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Adani Group stocks, bonds fall for a second day after founder’s US indictment

Nov 22 (Reuters) – Stocks and bonds of India’s Adani Group dropped for a second session on Friday after a U.S. arrest warrant was issued for its billionaire founder Gautam Adani over an alleged $265 million bribery scheme. Adani Green Energy, the company at the centre of the case, was down 8% in early Friday trade, and has lost a total $7 billion in market value since the news of the indictment. The conglomerate’s stocks have seen their combined market value drop by $33 billion. U.S. prosecutors have charged Adani and seven other people with agreeing to pay bribes to

How Gautam Adani’s alleged bribery scheme took off and unraveled

NEW YORK, Nov 22 (Reuters) – In June of 2020, a renewable energy company owned by Indian billionaire Gautam Adani won what it called the single largest solar development bid ever awarded: an agreement to supply 8 gigawatts of electricity to a state-owned power company. But there was a problem. Local power companies did not want to pay the prices the state company was offering, jeopardizing the deal, according to U.S. authorities. To save the deal, Adani allegedly decided to bribe local officials to persuade them to buy the electricity. That allegation is at the heart of U.S. criminal and

Rahul Gandhi demands Adani’s immediate arrest probe against Sebi chief

New Delhi, Nov 21 (PTI) Leader of Opposition Rahul Gandhi on Thursday demanded immediate arrest of industrialist Gautam Adani after the billionaire industrialist was charges in the US for alleged bribery and fraud. Addressing a press conference here hours after the US prosecutors charged Adani and associates for allegedly paying USD 250 million bribe to Indian officials, the Congress leader said it is now pretty clear and established in the US that the businessman has broken Indian as well as American laws. The Adani group has not yet reacted to the charges. Taking a jibe at Prime Minister Narendra Modi’s

Gautam Adani, indicted in US, is a controversial first-generation Indian tycoon

NEW DELHI, Nov 21 (Reuters) – Indian billionaire Gautam Adani, indicted in New York over a $265 million bribery scheme, is a first-generation tycoon whose phenomenal rise has been accompanied by a series of damaging controversies at home and abroad. Asia’s second-richest person, who narrowly escaped death in 2008 as one of many people stuck inside Mumbai’s Taj Mahal Palace Hotel when gunmen went on a killing spree, faces a U.S. arrest warrant and criminal penalties over the fraud and bribery charges. Adani’s businesses, ranging from power and ports to sugar and soybeans, lost more than $150 billion in combined

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