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

Adani Group stocks nosedived on Thursday morning after overnight reports from the US surrounding billionaire Gautam Adani. Shortly after the market opened, the stocks of Adani Enterprises, Adani Green Energy and others were trading in deep red territory.While Adani Enterprises stocks opened with a 10 per cent gap-down, Adani Energy Solution was down almost 20 per cent. Adani Green Energy stock was trading 19 per cent down at the time of this report at 9.50 am. Adani Ports and ACC were down 9.99 per cent and 13 per cent respectively.The massive fall in Adani Group stocks comes amid reports of indictment of Gautam Adani in an alleged case of fraud and bribery.Gautam Adani charged in US with bribery, fraud - ReportsGautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the 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 Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay the 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 Adani and Sagar Adani and prosecutors plan to hand those warrants to foreign law enforcement, court records show. Adani Green Energy (ADNA.NS) cancelled plans on Thursday to raise $600 million in U.S. dollar-denominated bonds, according to four sources with direct knowledge of the matter. The bond had been priced but was pulled following the news. Adani Green Energy did not immediately respond to a request for comment on the shelved transaction.(With inputs from Reuters)

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

Adani Group stocks nosedived on Thursday morning after overnight reports from the US surrounding billionaire Gautam Adani.

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