Adani Group Faces ₹2.6 Lakh Crore Market Erosion After U.S. Bribery Allegations

Trouble mounted for Gautam Adani after US prosecutors indicted the Adani Group chairperson, his nephew Sagar Adani and six others for allegedly paying Rs 2,029 crore ($265 million) in bribes to Indian government officials for securing solar power contracts with state electricity distribution companies. The bribes were allegedly paid between 2020 and 2024. The US prosecutors claimed that this fact was concealed from the US banks and investors from whom the Adani Group raised billions for the solar energy project. The Adani Group hoped to rake in $2 billion in profits by securing the energy contracts. The period in which the bribes were allegedly paid coincides with the release of a damning report by US-based short seller Hindenburg Research in 2023. The report accused the Adani Group of stock manipulation and accounting fraud. It triggered a $150 billion loss in the Adani Group's market value. Join Business Today TV's Sakshi Batra to know more on this news