Shares connected to the Adani Group saw a significant decline, with Adani Enterprises plunging over 20%, after U.S. law enforcement accused executives of bribing Indian officials with over $250 million.
The share slide represents a devastating impact on Gautam Adani's wealth, erasing about $15 billion, returning his net worth to its January 2023 levels following earlier gains.
In response to the allegations, the Adani Group strongly refuted the claims as "baseless" and declared intentions to pursue "all possible legal recourse." They stressed their compliance with laws.
This latest turmoil follows a history of volatility for Adani shares since January 2023, initiated by accusations from Hindenburg Research of stock manipulation, which previously wiped out $153 billion in market value.
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