Gautam Adani indicted: Read our full coverage here

Billionaire Gautam Adani, his nephew Sagar Adani, and Vneet S. Jaain, managing director and CEO of Adani Green Energy, along with five other individuals, have been indicted in a U.S. federal court for allegedly paying bribes over $250 million to Indian officials to secure solar energy contracts expected to generate billions in profits over two decades. Prosecutors allege they misled investors while raising capital from U.S. and international investors. Following the charges against Adani, shares of Adani Green Energy crashed up to 20%. The Adani Group has dismissed the allegations, made by the US Department of Justice and the SEC against Gautam Adani and nephew Sagar Adani, as "baseless" and denied them in an official statement released to the exchanges.

Read our entire coverage of the Adani group here:

Billionaire Gautam Adani has been indicted in a federal court in Brooklyn, New York for allegedly bribing Indian government officials with over $250 million to secure lucrative solar energy contracts worth billions of dollars.

Adani Green raised more than $175 million from U.S. investors and Azure Power’s stock was traded on the New York Stock Exchange during the alleged scheme, the U.S. SEC says in a statement.

Shares of Adani Green Energy Ltd fell as much as 19% on Thursday after U.S. Securities and Exchange Commission (SEC) charged Gautam Adani and his nephew Sagar Adani for an alleged bribery plot that involved paying or promising to pay the equivalent of hundreds of millions of dollars in bribes to Indian government officials to secure their commitment to purchase energy at above-market rates that would benefit Adani Green and Azure Power.

Shares of Adani Group companies crashed up to 20% in opening trade on Thursday after the chairman Gautam Adani and seven others indicted in the U.S. court in a multibillion-dollar bribery and fraud scheme. Adani has been indicted in a federal court in Brooklyn, New York for allegedly bribing Indian government officials with over $250 million to secure lucrative solar energy contracts worth billions of dollars. Following this development, Adani Group has reportedly canceled its $600 million bond offering, which dragged down its U.S. dollar bonds in Asian trading.

Moody’s Ratings on Thursday said the indictment of Adani Group's chairman and other senior officials on bribery charges is credit negative for the group’s companies.

Adani Green Energy, the renewable energy arm of Gautam Adani-led Adani Group, on Thursday said its subsidiaries have decided not to proceed with the proposed dollar-denominated bond offerings.

In a dramatic turn of events, GQG Partners, a boutique asset management firm hailed for its aggressive investment strategies, finds itself grappling with a crisis of confidence. This follows the indictment of Gautam Adani, chairman of the Adani Group, and seven associates by U.S. prosecutors for alleged bribery and fraud involving $250 million. The scandal casts a dark shadow over GQG’s significant stakes in Adani-linked companies, raising fears of substantial investor outflows.

Shares of GQG Partners, which is one of the biggest backers of the Adani group, plunged 20% on Thursday after a U.S. federal court pressed charges against billionaire tycoon Gautam Adani and others. Rajeev Jain-led GQG Partners, however, tried to assuage the fears, releasing a statement saying that more than 90% of its clients’ assets are invested in issuers "unrelated" to the Adani Group.

Shares of public sector banks declined up to 7% in intraday trade on Thursday, in sync with the broader market, led by a sharp sell-off in index heavyweights such as State Bank of India (SBI), Bank of Baroda (BoB), Canara Bank, and Punjab National Bank (PNB). The weakness in PSU bank stocks was triggered amid a sharp sell-off in Adani Group companies, in which banks and NBFCs have exposure of about 36% of the total debt. The total market capitalisation of Adani group listed entities declined over ₹2.2 lakh crore today after the power-to-port conglomerate’s chairman Gautam Adani and seven others were indicted in a multibillion-dollar bribery and fraud scheme in the U.S. court.

The Life Insurance Corporation of India (LIC) has suffered a staggering $920 million (₹7,850 crore) loss in the value of its holdings (as of September 2024) in Adani Group companies -- ACC, Ambuja Cements, Adani Enterprises, Adani Ports & Special Economic Zone, Adani Total Gas, Adani Energy Solutions and Adani Green Energy -- in just four hours of trading (as of 1.20 PM) on November 21, following the U.S. indictment of Adani Group and its founder Gautam Adani. This sharp decline has slashed LIC's Adani portfolio value to ₹47,847 crore from the closing valuation of ₹55,694 crore recorded on November 19.

The Adani Group has dismissed the allegations, made by the US Department of Justice and the SEC against Gautam Adani and nephew Sagar Adani, as "baseless" and denied them in an official statement released to the exchanges.