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- Gautam Adani indicted in US highlights: 'Aware of allegations,' White House reacts to bribery, fraud charges on Adani
THE TIMES OF INDIA | Nov 23, 2024, 06:56:31 IST
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Gautam Adani indicted in US highlights: 'Aware of allegations,' White House reacts to bribery, fraud charges on Adani
Congress leader Rahul Gandhi intensified his criticism of Prime Minister Narendra Modi, alleging that the government is shielding Gautam Adani from investigation and arrest despite serious charges filed against him in the United States. "As Leader of Opposition, it is my responsibility to raise this issue. The prime minister is hundred percent protecting this person," said Gandhi, referring to the recent indictment of Adani by US prosecutors over a $250 million bribery scheme.
Gandhi demanded immediate action, stating, "We demand a JPC, but we want that Adani should be arrested immediately. However, we know and want to show this to the country that Adani will not be arrested because the prime minister is his protector." He accused the BJP government of enabling Adani's alleged misconduct, declaring, "This person has obtained India's assets through corruption. This person supports the BJP... these things are established."
Gautam Adani, his nephew Sagar Adani, and former Adani Green Energy CEO Vneet Jaain were charged in the Eastern District of New York with offering $250 million in bribes to Indian officials to secure lucrative solar energy contracts. US prosecutors claimed these deals were misrepresented to raise over $3 billion from American financial institutions.
Gandhi highlighted the gravity of the accusations, saying, "It is now pretty clear and established in America that Mr Adani has broken both American law and Indian law. He has been indicted in the United States, and I am wondering why Mr Adani is still running around a free man in this country." He also alleged the involvement of SEBI chairperson Madhabi Puri Buch, stating, "Adani should be arrested immediately, and his 'protector' Madhabi Puri Buch should be probed."
This controversy comes as Adani Group stocks faced significant losses, with a combined market valuation erosion of ₹2.45 lakh crore on Thursday. Key group companies like Adani Enterprises, Adani Green Energy, and Adani Ports saw declines ranging from 18% to 23%. Gandhi criticised the government’s inaction, saying, "We have been raising this again and again... it is a vindication of what we have been saying. The prime minister is protecting Mr Adani and the prime minister is involved in corruption with Mr Adani."
The indictment has reignited scrutiny of the Adani Group, already under pressure from earlier allegations of stock manipulation by Hindenburg Research. While the US has issued arrest warrants for Gautam and Sagar Adani, the prospect of their extradition remains uncertain. Gandhi vowed to continue raising the issue, stating, "As Leader of Opposition, I will raise this issue in Lok Sabha; our demand for JPC stands."
Gandhi demanded immediate action, stating, "We demand a JPC, but we want that Adani should be arrested immediately. However, we know and want to show this to the country that Adani will not be arrested because the prime minister is his protector." He accused the BJP government of enabling Adani's alleged misconduct, declaring, "This person has obtained India's assets through corruption. This person supports the BJP... these things are established."
Gautam Adani, his nephew Sagar Adani, and former Adani Green Energy CEO Vneet Jaain were charged in the Eastern District of New York with offering $250 million in bribes to Indian officials to secure lucrative solar energy contracts. US prosecutors claimed these deals were misrepresented to raise over $3 billion from American financial institutions.
Gandhi highlighted the gravity of the accusations, saying, "It is now pretty clear and established in America that Mr Adani has broken both American law and Indian law. He has been indicted in the United States, and I am wondering why Mr Adani is still running around a free man in this country." He also alleged the involvement of SEBI chairperson Madhabi Puri Buch, stating, "Adani should be arrested immediately, and his 'protector' Madhabi Puri Buch should be probed."
This controversy comes as Adani Group stocks faced significant losses, with a combined market valuation erosion of ₹2.45 lakh crore on Thursday. Key group companies like Adani Enterprises, Adani Green Energy, and Adani Ports saw declines ranging from 18% to 23%. Gandhi criticised the government’s inaction, saying, "We have been raising this again and again... it is a vindication of what we have been saying. The prime minister is protecting Mr Adani and the prime minister is involved in corruption with Mr Adani."
The indictment has reignited scrutiny of the Adani Group, already under pressure from earlier allegations of stock manipulation by Hindenburg Research. While the US has issued arrest warrants for Gautam and Sagar Adani, the prospect of their extradition remains uncertain. Gandhi vowed to continue raising the issue, stating, "As Leader of Opposition, I will raise this issue in Lok Sabha; our demand for JPC stands."
08:09 (IST) Nov 22
No direct deal with Adani, APERC-approved PSA clarified: YSR Congress
08:08 (IST) Nov 22
Gautam Adani News Live: White House reaffirms strong India-US ties amid Adani bribery allegations
The White House reaffirmed the strength of India-US relations amid bribery allegations against Gautam Adani. White House Press Secretary Karine Jean-Pierre stated, "We’re aware of these allegations, and I would have to refer you to the SEC and DOJ about the specifics."
Adani and his nephew Sagar Adani face charges for allegedly orchestrating a $265 million bribery scheme involving payments to Indian officials for favourable solar power contracts. Arrest warrants have reportedly been issued.
Despite the controversy, Jean-Pierre emphasised, "We believe that [the relationship] stands on an extremely strong foundation… we’ll continue to navigate this issue as we have with other issues." This marks the Adani Group's second major controversy after Hindenburg Research's 2023 allegations.
Adani and his nephew Sagar Adani face charges for allegedly orchestrating a $265 million bribery scheme involving payments to Indian officials for favourable solar power contracts. Arrest warrants have reportedly been issued.
Despite the controversy, Jean-Pierre emphasised, "We believe that [the relationship] stands on an extremely strong foundation… we’ll continue to navigate this issue as we have with other issues." This marks the Adani Group's second major controversy after Hindenburg Research's 2023 allegations.
07:53 (IST) Nov 22
Gautam Adani News Live: YSR Congress denies AP link to Adani matter, terms allegations 'incorrect'
The YSR Congress Party dismissed allegations linking Andhra Pradesh to the Adani matter, stating that the state's power procurement process adhered to regulatory approvals. "The power procurement of 7,000 MW was approved by APERC on 11-Nov-2021, followed by a Power Sale Agreement with SECI on 1-Dec-2021 after CERC's approval," the party stated.
Clarifying that SECI, a Government of India enterprise, mediated the deal, the party added, "There is no direct agreement between AP DISCOMs and any entities, including the Adani group. The allegations against the state government are incorrect."
Clarifying that SECI, a Government of India enterprise, mediated the deal, the party added, "There is no direct agreement between AP DISCOMs and any entities, including the Adani group. The allegations against the state government are incorrect."
06:37 (IST) Nov 22
Adani misled investors with false info, says DoJ
The US DoJ’s indictment paper said Adani Group had misled investors by giving false statements to Indian stock exchanges — NSE & BSE. Under Sebi’s rules for listing and disclosures of corporate events, there are various kinds of penalties for violations of such rules (named Listing Obligation & Disclosure Requirements, or LODR).
In its indictment paper, the US DoJ said that in March 2024, a news article was published that said the US govt was probing Gautam Adani and his group over potential bribery. At that time, Gautam Adani and his nephew Sagar Adani were aware of the FBI investigation as well as the grand jury investigation. This was after a subpoena was issued to the group’s top executives. The US investigators also had the right to search electronic devices of Sagar Adani that allowed them seizure of evidence of criminality by Gautam Adani and others, the US DoJ paper said.
Despite their knowledge of the US govt investigations, the group gave a statement to the news article saying it was “not aware of any investigation against” its chairman Gautam Adani. In the same article, it also said that the group always maintained “the highest standards of governance” and it was “fully compliant with anti-corruption and anti-bribery laws in India and other coun tries,” the DoJ paper noted.
In its indictment paper, the US DoJ said that in March 2024, a news article was published that said the US govt was probing Gautam Adani and his group over potential bribery. At that time, Gautam Adani and his nephew Sagar Adani were aware of the FBI investigation as well as the grand jury investigation. This was after a subpoena was issued to the group’s top executives. The US investigators also had the right to search electronic devices of Sagar Adani that allowed them seizure of evidence of criminality by Gautam Adani and others, the US DoJ paper said.
Despite their knowledge of the US govt investigations, the group gave a statement to the news article saying it was “not aware of any investigation against” its chairman Gautam Adani. In the same article, it also said that the group always maintained “the highest standards of governance” and it was “fully compliant with anti-corruption and anti-bribery laws in India and other coun tries,” the DoJ paper noted.
06:36 (IST) Nov 22
Green arms scrap $600mn bond offer
A host of subsidiaries of Adani Green Energy that were on course to raise $600 million through foreign bonds withdrew the offer on Thursday after the US Department of Justice indicted group chairman Gautam Adani and six related entities of alleged bribery charges. The bond offering had opened on Wednesday and was subscribed about three times the amount being raised, Adani group sources told TOI.
The company informed exchanges that after the US DOJ issued a criminal indictment and brought a civil complaint against some of its board members, its subsidiaries decided “not to proceed with the proposed dollar de nominated bond offerings”.
This was the second scrapping of a bond offering by Adani Green in as many months. In Oct, the company had intimated exchanges about a bond offering but didn’t proceed with it citing unfavourable market conditions due to the US presidential election on Nov 5.
After the DOJ indictment, global ratings major Moody’s Ratings said that the development was a credit negative for the group. “The indictment of Adani Group’s chairman and other senior officials on bribery charges is credit negative for the group’s companies,” Moody’s said.
After the charges were made public early on Thursday, bonds of the group’s companies slid, media reports said.
The company informed exchanges that after the US DOJ issued a criminal indictment and brought a civil complaint against some of its board members, its subsidiaries decided “not to proceed with the proposed dollar de nominated bond offerings”.
This was the second scrapping of a bond offering by Adani Green in as many months. In Oct, the company had intimated exchanges about a bond offering but didn’t proceed with it citing unfavourable market conditions due to the US presidential election on Nov 5.
After the DOJ indictment, global ratings major Moody’s Ratings said that the development was a credit negative for the group. “The indictment of Adani Group’s chairman and other senior officials on bribery charges is credit negative for the group’s companies,” Moody’s said.
After the charges were made public early on Thursday, bonds of the group’s companies slid, media reports said.
22:18 (IST) Nov 21
Adani Group's combined market valuation declines by Rs 2.19 lakh crore
All ten Adani group listed companies witnessed a massive selloff on Thursday, with the combined market capitalization declining by Rs 2.19 lakh crore, after US prosecutors accused the group of being involved in a $265 million (approximately Rs 2,200 crore) bribery scheme to Indian officials for preferential solar power contract terms.The Conglomerate's loss was twice what it suffered following the Hindenburg report in January 2023.
https://www.thetimesofindia.online/business/india-business/adani-groups-combined-market-valuation-declines-by-rs-2-19-lakh-crore/articleshow/115536777.cms#:~:text=NEW%20DELHI%3A%20All%20ten%20Adani,to%20Indian%20officials%20for%20preferential
21:26 (IST) Nov 21
Decoding US charges against Gautam Adani and others: 10 points
NEW DELHI: Gautam Adani and his conglomerate, the Adani Group, are at the center of a major legal and financial storm following an indictment by US prosecutors. The charges allege that Adani, his nephew Sagar Adani, and other associates orchestrated a $265 million bribery scheme to secure lucrative solar energy contracts in India. Between 2020 and 2024, the accused reportedly bribed Indian officials to gain business advantages while misleading US investors and financial institutions about their anti-corruption practices.
Read more19:48 (IST) Nov 21
Kenya cancels proposed deals with Adani Group
Kenyan President William Ruto on Thursday scrapped controversial deals with India's embattled Adani Group over Nairobi's Jomo Kenyatta International Airport (JKIA) and a state-owned electricity service.During his annual state of the nation address, Ruto said he had directed the relevant agencies to "immediately cancel the ongoing procurement process for the JKIA Expansion Public Private Partnership transaction, as well as the recently concluded KETRACO transmission line".
Read more19:35 (IST) Nov 21
NSUI stages protest against industrialist Gautam Adani
Congress student wing National Students Union of India (NSUI) staged a protest here on Thursday, demanding the arrest of industrialist Gautam Adani over allegations of corruption and misuse of power. The protest came after US prosecutors charged Adani and associates with allegedly paying USD 250 million in bribes to Indian officials. The Adani group denied the charges, saying the allegations were baseless and that the conglomerate is compliant with all laws.
18:36 (IST) Nov 21
'Can’t be a mere coincidence': On Rahul Gandhi's Modi-Adani charge, BJP namedrops George Soros
Bharatiya Janata Party on Thursday countered Congress leader Rahul Gandhi's attack on Prime Minister Narendra Modi after US prosecutors charged industrialist Gautam Adani with bribery and fraud. In the counter-attack, the Bharatiya Janata Party (BJP) also name-dropped George Soros to target the Congress leader.BJP IT cell head Amit Malviya slammed Gandhi for speaking the same language as George Soros and accused the Congress leader of launching an assault on India Inc on behalf of the investor.
Read more17:01 (IST) Nov 21
Rahul Gandhi blames 'Adani power, Modi power' after power cut at presser; BJP's 'Jairam Ramesh' jab
A new 'power' drama unfolded on Thursday amid a war of words between the Congress and the Bharatiya Janata Party (BJP) as Rahul Gandhi faced power outage during his press conference on Gautam Adani's indictment in the United States.As leader of opposition in Lok Sabha Rahul Gandhi blamed 'Adani power, Modi power' for the electricity cut during the press conference, BJP, in return, took a jibe at the Congress leader saying his colleague "Jairam Ramesh must have cut the power".
Read more16:14 (IST) Nov 21
'Now the time has come to take action,' says RJD MP Manoj Kumar Jha on US prosecutors charging Gautam Adani and others in alleged Solar Energy contract bribery case
"It is a matter of concern that whenever questions are raised on Adani's working style, BJP leaders defend him as their representatives... Now the time has come to take action... Never before have questions been raised about any other Indian industrialist. Our country's financial institutions have remained silent on Adani's working style till now. How will they defend him now?...JPC should be conducted into the matter," said Jha.
15:45 (IST) Nov 21
'We have demanded to book Adani on corruption charges and proceed against him, including arrest,' says CPI(M) leader Brinda Karat.
"We have demanded to book Adani on corruption charges and proceed against him, including arrest. We have also demanded that an independent investigation into all the other allegations should be conducted. Even in the Hindenburg revelations, he was defended. It is directly Prime Minister Narendra Modi and the government led by him who have extended protection and defended Adani personally. It is a shame for our country that it is the United States of America's Justice Department which has collected all this information because it believes that US Companies were misled. They are protecting the interests of their companies from this fraud by Adani. Whereas the government of India, led by PM Modi is protecting him and his companies and giving him permission, license and patronage to loot India and India's resources... What are you saying about India to the rest of the world? That this government is protecting the most corrupt entities? This is a time when it is in India's interest that this man be booked immediately under corruption charges. And along with that, an independent investigative agency to look into all the other issues," said Karat.
15:31 (IST) Nov 21
'Rahul Gandhi, this is not your first attempt to diminish the credibility of PM Modi,' says BJP MP Sambit Patra
"The entire matter is about agreements on power purchase and agreements on state distribution companies (SDCs). The distribution of electricity between US and India, there are two companies - one an Indian and a US company. Four Indian states' names appear before US Court...This matter dates between July 2021 to February 2022. At that time, Bhupesh Baghel-led Congress Govt was in power in Chhattisgarh...In Andhra Pradesh, it was YSRCP Govt at that time. In Tamil Nadu, it was DMK Govt - of your ally Stalin. In Odisha, it was BJD Govt. So, all 4 states that have been named in the document neither had our chief ministers nor a government supported by us. They all had Governments of Congress and its allies. Rahul Gandhi said that he has no objection if any of his former ministers or leaders are questioned...Rahul Gandhi, this is not your first attempt to diminish the credibility of PM Modi. Your mother, party and you have been attempting this since 2002," said Patra.
15:10 (IST) Nov 21
'The allegation by the United States against the Adani Group and Gautam Adani is extremely serious,' says TMC MP Sagarika Ghose
"The allegation by the United States against the Adani Group and Gautam Adani is extremely serious. Gautam Adani is an industrialist who is known to have very close ties with none other than Prime Minister Narendra Modi. We the opposition have been consistently demanding a free and fair investigation into all the charges that exist against the Adani Group. All the charges must be subject to a free and fair inquiry. The only entity which can conduct this free and fair inquiry is a Joint Parliamentary Committee. We demand a JPC for a comprehensive, free and fair investigation into the Adani Group and all the charges that exist against the Adani Group," said Sagarika Ghose.
15:01 (IST) Nov 21
Indictment of Gautam Adani on bribery charges credit negative for group: Moody's
Moody's Ratings on Thursday said it will look at Adani group's governance practices when assessing the ports-to-energy conglomerate's ability to access capital in the aftermath of indictment of the group head Gautam Adani on bribery charges. "The indictment of Adani Group's chairman and other senior officials on bribery charges is credit negative for the group's companies," Moody's Ratings said in a statement.
14:51 (IST) Nov 21
Book Adani on Corruption Charges: CPI (M) statement
14:09 (IST) Nov 21
The US Department of Justice and the US Securities and Exchange Commission have charged Gautam Adani and seven other executives with bribery and fraud. However, in its first reaction to the charges, Adani Group has denied the allegations.
13:52 (IST) Nov 21
'This entire vicious nexus involving cronies, compromised bureaucrats and certain politicians created by PM Modi & Adani': Mallikarjun Kharge
13:49 (IST) Nov 21
'When a top ranking Indian businessman is indicted by a foreign country, it tarnishes our image at the global stage': Mallikarjun Kharge
Congress president Mallikarjun Kharge in his X post said, " The Indian National Congress has been continuously objecting to unethical business practices which profiteer and promote certain individuals by implementing Modi Govt’s policy of creating monopolies in key sectors and concentrating wealth in the hands of few by giving undue favours.
This entire vicious nexus involving cronies, compromised bureaucrats and certain politicians created by PM Modi & Adani has to be investigated and dismantled.
This nexus severely hurts our people - poor and middle class, aspiring entrepreneurs, MSMEs, Startups and crores of small and medium retail investors, for it widens inequalities by snatching savings and opportunities. Narendra Modi's “Ek Hain, Toh SAFE Hain” is about One Monopoly to protect the looted SAFE! A comprehensive JPC, which not only investigates every aspect of the working of the Adani Group, the deliberate institutional erosion of the SEBI, SECI and government bodies, and the deals of Adani Group in foreign countries is the need of the hour. As Rahul Gandhi mentions, this investigation should start with Mr. Adani.
Only then, we as a country can ensure that the hard earned money of our people remains SAFE, inequalities are reduced, our systems enable a conducive environment for market competition, become transparent and accountable and ignite the spirit entrepreneurship for all. "
This entire vicious nexus involving cronies, compromised bureaucrats and certain politicians created by PM Modi & Adani has to be investigated and dismantled.
This nexus severely hurts our people - poor and middle class, aspiring entrepreneurs, MSMEs, Startups and crores of small and medium retail investors, for it widens inequalities by snatching savings and opportunities. Narendra Modi's “Ek Hain, Toh SAFE Hain” is about One Monopoly to protect the looted SAFE! A comprehensive JPC, which not only investigates every aspect of the working of the Adani Group, the deliberate institutional erosion of the SEBI, SECI and government bodies, and the deals of Adani Group in foreign countries is the need of the hour. As Rahul Gandhi mentions, this investigation should start with Mr. Adani.
Only then, we as a country can ensure that the hard earned money of our people remains SAFE, inequalities are reduced, our systems enable a conducive environment for market competition, become transparent and accountable and ignite the spirit entrepreneurship for all. "
13:27 (IST) Nov 21
'All possible legal recourse will be sought': Adani Group denies US allegations
13:24 (IST) Nov 21
Adani Group denies US allegations, calls them baseless
Adani Group has dismissed allegations by the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) against its directors as "baseless and denied." A spokesperson for the conglomerate stated, "The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied. As stated by the US Department of Justice itself, 'the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.'"
The group affirmed its commitment to defending itself, adding, "All possible legal recourse will be sought." The US authorities have accused the directors of involvement in a $250 million bribery scheme to secure solar energy contracts, charges which the group has categorically refuted.
The group affirmed its commitment to defending itself, adding, "All possible legal recourse will be sought." The US authorities have accused the directors of involvement in a $250 million bribery scheme to secure solar energy contracts, charges which the group has categorically refuted.
13:16 (IST) Nov 21
Congress leader Rahul Gandhi urged for the immediate arrest of billionaire Gautam Adani, citing US charges of bribery and fraud. Gandhi highlighted US prosecutors' allegations of $250 million in bribes paid by Adani and associates to Indian officials, emphasizing violations of both US and Indian law. He reiterated Congress's demand for a Joint Parliamentary Committee probe into Adani's transactions.
12:57 (IST) Nov 21
'As LoP, it is my responsibility to raise this issue. The prime minister is hundred percent protecting this person,' says Rahul Gandhi
"We are raising this issue, as LoP, it is my responsibility to raise this issue. The prime minister is hundred percent protecting this person. This person has obtained India's assets through corruption. This person supports the BJP... these things are established. We demand a JPC, but we want that Adani should be arrested immediately. However, we know and want to show this to the country that Adani will not be arrested because the prime minister is his protector," Rahul Gandhi
12:51 (IST) Nov 21
Gautam Adani News Live: Rahul Gandhi alleges PM Modi shielding Adani after US indictment
Congress leader Rahul Gandhi alleged that the close association between Prime Minister Narendra Modi and industrialist Gautam Adani ensures the latter’s protection in India. "If PM Modi and Adani are together, they are safe in India," Gandhi said, following Adani’s indictment. He accused the BJP-led government of shielding Adani from scrutiny and reiterated his demand for a Joint Parliamentary Committee (JPC) to probe the allegations. The BJP has yet to issue a response.
12:50 (IST) Nov 21
Rahul Gandhi alleges government shielding Adani from probe, arrest
Congress leader Rahul Gandhi alleged that Gautam Adani would neither be arrested nor investigated in India due to government protection. "I can guarantee that Adani won’t face any action here because the government is shielding him," Gandhi stated, referring to recent US charges against Adani over a $250 million bribery scheme. Gandhi further reiterated his demand for a Joint Parliamentary Committee (JPC) to investigate the Adani Group, accusing the BJP of enabling corporate wrongdoing. The government has yet to respond to these allegations.
12:48 (IST) Nov 21
Investigations should cover all states, irrespective of party in power: Rahul Gandhi
12:48 (IST) Nov 21
Mr Adani has broken both American law and Indian law, says Rahul Gandhi after Adani's indictment
"It is now pretty clear and established in America that Mr Adani has broken both American law and Indian law. He has been indicted in the United States, and I am wondering why Mr Adani is still running around a free man in this country": Rahul Gandhi
12:46 (IST) Nov 21
'We have been raising this again and again': Rahul Gandhi after Adani's indictment
"We have been raising this again and again... we have raising it with the Madhabi Buch issue, and it is a vindication of what we have been saying. The prime minister is protecting Mr Adani and the prime minister is involved in corruption with Mr Adani. This is being clearly indicated," says Rahul Gandhi
12:45 (IST) Nov 21
If PM Modi and Adani are together, they are safe in India: Rahul Gandhi alleges after Adani's indictment
12:45 (IST) Nov 21
Adani should be arrested immediately and his 'protector' Madhabi Puri Buch should be probed: Rahul Gandhi
12:45 (IST) Nov 21
As Leader of Opposition, I will raise this issue in Lok Sabha; our demand for JPC stands: Rahul Gandhi on charges against Adani in US
12:34 (IST) Nov 21
Federal prosecutors in New York charged Gautam Adani, one of the world’s richest people, with multiple counts of fraud Wednesday, accusing him and associates of bribing Indian officials and later lying to investors about the scheme. Adani, who has amassed a fortune estimated to be more than $85 billion from the Adani Group, a conglomerate with holdings in ports, coal mines and airports, was charged with wire and securities fraud by the US Attorney’s Office for the Eastern District of New York, the office said in a statement.
12:21 (IST) Nov 21
Gautam Adani News Live: Rahul Gandhi's press conference at AICC over Adani indictment in US
12:08 (IST) Nov 21
BJP leader Amit Malviya has questioned the timing of US charges against Gautam Adani, linking it to the Parliament session and Donald Trump's potential presidency. Malviya, using the "George Soros" rhetoric, criticized Congress and pointed out that the states involved in the alleged bribery—Odisha, Tamil Nadu, Chhattisgarh, and Andhra Pradesh—were ruled by opposition parties when the scheme allegedly took place. He claimed that the Adanis, in collusion with Azure Power, paid $265 million to state distribution companies (SDCs) between July 2021 and February 2022.
11:49 (IST) Nov 21
Gautam Adani News Live: Rs 2L crore gone! Adani stocks crash after US bribery charge against billionaire
Shares of Adani Group companies took a severe hit on Thursday, with the combined market value of all listed firms dropping by Rs 2.45 lakh crore following US charges against Gautam Adani over his alleged role in a $250 million bribery scheme. The charges, filed by US prosecutors, claim that Adani, along with his nephew Sagar and others, paid bribes to Indian officials between 2020 and 2024 to secure solar energy contracts worth billions.
Adani Enterprises saw a dramatic 22.99% fall, while other key stocks like Adani Ports, Adani Green Energy, and Adani Total Gas dropped between 18% and 20%. Several group companies hit their trading limits.
The allegations, which US authorities say were concealed from US banks and investors, have led to a broader market downturn, with the BSE Sensex and NSE Nifty also facing losses.
Adani Enterprises saw a dramatic 22.99% fall, while other key stocks like Adani Ports, Adani Green Energy, and Adani Total Gas dropped between 18% and 20%. Several group companies hit their trading limits.
The allegations, which US authorities say were concealed from US banks and investors, have led to a broader market downturn, with the BSE Sensex and NSE Nifty also facing losses.
11:39 (IST) Nov 21
US Charges Adani: 2,600,000,000 capital wiped out as India shares plunge
11:32 (IST) Nov 21
TMC MP Mahua Moitra is her X post said, "Silence from both Bhakts & Adani. Waiting for Modi ji to dial DonaldTrump to help sort out ?!"
11:29 (IST) Nov 21
US prosecutors have charged billionaire tycoon Gautam Adani with involvement in a plan to pay more than $250 million in bribes to government officials in India for solar energy contracts, a move that stands to further roil his ports-to-power conglomerate. Here are some of the highlights from the 54-page indictment.
11:25 (IST) Nov 21
Gautam Adani News Live: Adani Green Energy cancels bond sale amid US charges against Gautam Adani
Adani Green Energy, a subsidiary of the Adani Group, announced the cancellation of its planned US dollar-denominated bond sale. This marks the company’s first acknowledgment of the US criminal charges against its founder, Gautam Adani.
"In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings," the company stated.
"In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings," the company stated.
11:16 (IST) Nov 21
'Intimate nexus': Jairam Ramesh alleges Adani bribery scheme had PM’s protection, demands JPC probe
11:09 (IST) Nov 21
Amit Malviya defends Adani's indictment in his X post and said, "It is always good to read before one reacts. The document you quote says, “The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty"."
11:01 (IST) Nov 21
The Congress on Thursday reiterated its demand for a Joint Parliamentary Committee (JPC) investigation into the transactions of the Adani Group, on the day US authorities charged Gautam Adani with bribery and fraud."The indictment of Gautam Adani and others by the Securities and Exchanges Commission (SEC) of the US vindicates the demand that the Indian National Congress has been making since Jan 2023 for a Joint Parliamentary Committee (JPC) investigation into the various Modani scams," Congress leader Jairam Ramesh said in a post on X."The INC had asked a hundred questions in its Hum Adani ke Hain (HAHK) series bringing out the various dimensions of these scams and of the intimate nexus that has existed between the PM and his favourite," he added.
10:48 (IST) Nov 21
Gautam Adani News Live: Global impact on investments amid ongoing investigations
With bond withdrawals and declining share prices, the allegations have sparked uncertainty among international investors, particularly concerning Adani Green Energy’s future plans.
10:48 (IST) Nov 21
Gautam Adani News Live: Adani Group stocks plummet after allegations
Share prices of Adani Group companies, including Adani Energy Solutions and Adani Green, dropped sharply, with declines reaching up to 20%, following news of the allegations in the United States.
10:47 (IST) Nov 21
Gautam Adani News Live: Allegations of evidence tampering surface
Authorities allege efforts to delete electronic evidence and mislead US regulators. The case highlights actions that could breach federal laws on financial reporting and investor transparency.
10:44 (IST) Nov 21
Gautam Adani News Live: $250 million payments linked to solar contracts under scrutiny
Prosecutors claim Adani and associates orchestrated payments exceeding $250 million to gain solar energy projects in India, raising concerns about transparency and compliance in global markets.
10:44 (IST) Nov 21
US prosecutors have accused Gautam Adani of being involved in a scheme involving $250 million in improper payments, potentially plunging his conglomerate back into crisis after recovering from prior allegations of fraud by a short-seller. On Wednesday, federal prosecutors alleged that Adani, among the wealthiest individuals globally, and several co-defendants offered over $250 million in payments to Indian government officials to secure solar energy contracts. They are also accused of concealing these actions while raising funds from US investors.
The indictment, consisting of five charges, also implicates Sagar R. Adani, Gautam Adani’s nephew, and Vneet S. Jaain, executives at a renewable energy firm in India, for allegedly violating US federal laws.
The indictment, consisting of five charges, also implicates Sagar R. Adani, Gautam Adani’s nephew, and Vneet S. Jaain, executives at a renewable energy firm in India, for allegedly violating US federal laws.
Congress leader Rahul Gandhi has accused Prime Minister Narendra Modi of protecting Gautam Adani from investigation and arrest despite serious charges filed against him in the United States. Referring to Adani’s indictment over a $250 million bribery scheme, Gandhi alleged, "The prime minister is hundred percent protecting this person."
Gandhi demanded a Joint Parliamentary Committee (JPC) probe and Adani’s immediate arrest, asserting, "We know and want to show this to the country that Adani will not be arrested because the prime minister is his protector."
Adani, along with his nephew Sagar Adani and former Adani Green Energy CEO Vneet Jaain, has been charged by US prosecutors for offering bribes to Indian officials to secure solar energy contracts. Meanwhile, Adani Group stocks suffered a ₹2.45 lakh crore erosion in market valuation.
Gandhi criticised the BJP government’s alleged complicity, saying, "The prime minister is involved in corruption with Mr Adani," and pledged to continue raising the issue in Parliament.
Gandhi demanded a Joint Parliamentary Committee (JPC) probe and Adani’s immediate arrest, asserting, "We know and want to show this to the country that Adani will not be arrested because the prime minister is his protector."
Adani, along with his nephew Sagar Adani and former Adani Green Energy CEO Vneet Jaain, has been charged by US prosecutors for offering bribes to Indian officials to secure solar energy contracts. Meanwhile, Adani Group stocks suffered a ₹2.45 lakh crore erosion in market valuation.
Gandhi criticised the BJP government’s alleged complicity, saying, "The prime minister is involved in corruption with Mr Adani," and pledged to continue raising the issue in Parliament.
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