On Wednesday, New York prosecutors revealed that Adani executives allegedly paid hundreds of millions of dollars in bribes to the Indian government, concealing them from US investors.
The charges led to immediate fallout, including the cancellation of Adani Green Energy's plans to raise $600 million in US dollar-denominated bonds following the news of the bribery scheme.
In the first two hours of trading following the announcement, shares of Adani enterprises and its subsidiaries plummeted by 20%, erasing more than $30 billion from investors.
The allegations have prompted an investor revolt and caused at least one entity to withdraw from significant deals with the Adani Group.
Collection
[
|
...
]