Adani Group faces $30 billion plunge amid bribery scandal
Scandal in Adani Group. The Indian conglomerate faces significant problems after Gautam Adani and his nephew, Sagar Adani, were accused of bribery for contracts in India. According to Reuters, the value of Adani Group has fallen by $30 billion.
7:13 AM EST, November 21, 2024
American prosecutors have charged Gautam Adani, head of Adani Group, with involvement in a corruption scheme amounting to $265 million.
According to Reuters, Adani, along with seven other individuals, including his nephew Sagar Adani, allegedly bribed Indian officials. The aim was to secure contracts that would generate $2 billion in profit over 20 years and to develop the largest solar power plant project in India.
Adani Group in trouble
Reuters reports that Adani Group shares have lost about $30 billion in value due to the allegations.
Business Insider Poland adds that Adani Green Energy, a part of the conglomerate, canceled a $600 million bond issue, further contributing to the decline in bond prices.
Business Insider Poland reports that Adani's wealth is estimated at nearly $70 billion. In 2022, Gautam Adani surpassed Amazon founder Jeff Bezos on the list of the world's richest people.
