India's Adani Group stocks tumble after chairman faces bribery, fraud charges in US

Adani Total Gas

21/11/2024 04:03

** Shares of Adani Group stocks fall, with flagship firm
Adani Enterprises  ADEL.NS  dropping 10% as top loser on Nifty
50 index  .NSEI 
    ** Billionaire Gautam Adani, chairman of the Indian
conglomerate Adani Group, and others were indicted in New York
over his role in an alleged $265 mln bribery scheme, U.S.
prosecutors said
    ** Adani and seven other defendants, including his nephew
Sagar Adani, agreed to pay bribes to Indian government officials
to obtain contracts expected to yield $2 bln of profit over 20
years, and develop India's largest solar power plant project,
authorities said
    ** The Adani Group has not responded to requests for comment
on the indictment
    ** Adani Ports  APSE.NS  fell 10%, Adani Total Gas  ADAG.NS 
down 13%, Adani Power  ADAN.NS  slides 12.4%, Adani Wilmar
 ADAW.NS  declines 9%, Adani Green  ADNA.NS  down 17% and Adani
Energy Solutions  ADAI.NS  slumps 20%

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))