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Adani Group stocks plummet in the 2nd day amid bribery scandal

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Stocks of India’s Adani Group, including Adani Green Energy, dropped significantly following a US arrest warrant for its founder over bribery charges, leading to a combined loss of $33 billion in market value.

The cancellation of key contracts and bond sales has raised concerns over Adani Group's future financial stability. / Photo: Reuters

US prosecutors have charged Adani and seven other people with agreeing to pay bribes to Indian government officials to obtain contracts that could yield $2 billion of profit over 20 years as well as to develop India's largest solar power plant project. "We believe domestic, as well as some international banks and bond market investors, look at Adani entities as a group, and could set group limits on their exposure," it said.

It also nixed a separate 30-year, $736-million public-private partnership deal that an Adani Group firm signed with the energy ministry last month to construct power transmission lines.

 

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