Investing.com-- Adani Group’s listed firms fell sharply on Thursday, with several shares hitting their lower circuits after U.S. authorities accused Chairman Gautam Adani of engaging in a multimillion-dollar bribery and fraud scheme.
The bribes were paid to land government contracts to develop solar power projects, and were expected to yield $2 billion in profit over 20 years. U.S. authorities claimed that Adani had also misled investors and lenders when raising over $3 billion in loans.) slid 18% after reports said it had scrapped a planned $600 million bond sale after the U.S. allegations. Adani Energy Solutions Ltd (NS:index, which fell 0.9% to an over five-month low.
Wednesday’s allegations also come nearly two years after a short seller report from Hindenburg Research, which had accused Adani of similar schemes. The report had sparked scrutiny from U.S. and Indian regulators against Adani, although India’s securities regulator claimed to have found little wrongdoing.