All posts tagged: Gautam Adani US bribery case

How will bribery charges impact Adani?

How will bribery charges impact Adani?

Adani Group chairman Gautam Adani speaks at an event in Jaipur on November 30, 2024. | Photo Credit: AP The story so far: Last week, the U.S. Department of Justice charged two officials of a renewable energy company listed in the U.S. in connection with a bribery scheme allegedly perpetrated by Gautam Adani, chairman of the Adani Group, and his associates including his nephew Sagar Adani. Several officials of an Adani Group company have been accused of bribing government officials in various Indian States to receive business favours. What followed the revelations? Shares of various Adani Group companies dropped sharply; they have recovered most of their losses in the last week after Adani Green Energy Ltd. (AGEL) filed its first response to stock exchanges, denying the bribery charges pressed by the American market regulator. The Adani Group has claimed that the allegations of bribery cost the group’s listed companies a loss of $55 billion in market value. The conglomerate had notably lost more than $150 billion in market value last year after fraud allegations made …