Adani Group Stocks Tumble 10-20% Amid Reports Of Indictment Of Gautam Adani In US - Details

ani Group stocks nosedived on Thursday morning after overnight reports from US surrounding billionaire Gautam ani. Shortly after market opened, stocks of ani Enterprises, ani Green Energy and ors were tring in deep red territory.

While ani Enterprises stocks opened with a 10 per cent gap-down, ani Energy Solution was down almost 20 per cent. ani Green Energy stock was tring 19 per cent down at time of this report at 9.50 am. ani Ports and ACC were down 9.99 per cent and 13 per cent respectively.

massive fall in ani Group stocks comes amid reports of indictment of Gautam ani in an alleged case of fraud and bribery.

Gautam ani charged in US with bribery, fraud - Reports

Gautam ani, billionaire chair of Indian conglomerate ani Group and one of world's richest people, has been indicted in New York over his role in a $265 million bribery scheme, according to U.S. prosecutors.

Authorities said ani and seven or defendants, including his nephew Sagar ani, agreed to pay bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years and develop India's largest solar power plant project. A judge has issued arrest warrants for Gautam ani and Sagar ani and prosecutors plan to hand those warrants to foreign law enforcement, court records show. 

ani Green Energy (NA.NS) cancelled plans on Thursday to raise $600 million in U.S. dollar-denominated bonds, according to four sources with direct knowledge of matter. bond h been priced but was pulled following news. ani Green Energy did not immediately respond to a request for comment on shelved transaction.

(With inputs from Reuters)