look news india
New Delhi, 21 November (HS). Adani Group chief Gautam Adani is once again embroiled in controversies. In the US, he has been accused of being involved in bribery worth billions of dollars and defrauding investors. A preliminary hearing of these allegations took place in the American court. After this, arrest warrant has been issued against Gautam Adani and his nephew Sagar Adani. After these allegations, there was a huge fall in the shares of listed companies of Adani Group today. Shares of different companies of the group fell by 10 to 23 percent.
Gautam Adani, his nephew Sagar Adani and another have been charged by US prosecutors on charges that the Adani Group paid bribes to Indian officials to win solar energy contracts. The case filed by the US Securities and Exchange Commission (SEC) states that Gautam Adani, Sagar Adani and others raised funds from US investors and global financial institutions through false and misleading statements and used these funds for bribery. . The allegation states that a bribe of about $265 million was given by Adani. The charges come under the Foreign Corrupt Practices Act, a US law designed to prevent bribery in foreign business deals.
Apart from Gautam Adani and Sagar Adani, the names of Vineeta S Jain have been included in the indictment filed in Brooklyn, New York. Along with criminal charges in this case, the US Securities and Exchange Commission has also filed a civil case. Adani Group has also been accused of destroying electronic evidence and misleading the Justice Department, Securities and Exchange Commission and SBI.
These allegations against Adani Group have come at a time when the group has recovered to a great extent after the shocks caused by the report of American short seller firm Hindenburg Research. After the allegations made by Hindenburg Research, the financial condition of the group was significantly affected but since then Adani Group has significantly reduced its debt. In August 2024 itself, Adani Energy Solutions had raised funds of about one billion dollars through Qualified Institutional Placement (QIP) to reduce its debt and invest in the power infrastructure sector. Similarly, Adani Group had also planned to raise $1.5 billion by issuing dollar bonds of Adani Green Energy and Adani Energy Solutions in early 2025. This amount was also to be used to repay the loan. However, Adani Group has withdrawn its proposed bond after allegations were made by US prosecutors.
There is a stir today in the shares of listed companies of Adani Group after the allegations made by American prosecutors. Shares of most of the group companies have fallen by 10 percent to 20 percent. Especially, the share of Adani Energy Solutions has fallen by 20 percent and reached the level of Rs 697.25 and has come into the lower circuit. Similarly, Adani Group’s flagship company Adani Enterprises Limited also declined by about 23 percent today and touched the level of 2172.5.
