Adani Group Stocks Fall as Gautam Adani Faces Alleged US $250M Bribery Charges

The Background: Alleged Bribery Scheme for Solar Contracts

The U.S. Department of Justice and the Securities and Exchange Commission on Wednesday accused Adani and others of offering over $250 million in bribes to Indian officials to secure solar energy contracts. They allegedly hid this scheme while seeking funds from US investors.

The five-count indictment also charges Gautam’s nephew Sagar R. Adani and executive Vineet S. Jain with violating federal laws, both linked to an Indian renewable-energy firm.

The US Securities and Exchange Commission further brought related civil charges, alleging that Adani Green Energy misled US investors to raise $175 million by misrepresenting its operations.

The charges came soon after Adani Green Energy secured $600 million from a green bond sale. Additionally, Gautam Adani had recently unveiled a $10 billion investment plan for US energy infrastructure.

Adani Group Companies’ Share Price at 10:30 AM On NSE, November 21, 2024

GQG Partners Monitors Bribery Case

Shares of GQG Partners, an Australian fund manager with significant holdings in Adani Group, fell sharply following media reports that it was reassessing its investments in the conglomerate. This comes after US prosecutors charged Adani’s chairman, Gautam Adani, in connection with an alleged multimillion-dollar bribery and fraud scheme.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.