The US Department of Justice indicted Gautam Adani, alleging he led a bribery scheme tied to a solar power project, promising over $250 million in bribes.
In response to the indictment, Adani Group denied all allegations, asserting their commitment to governance and transparency, and they will pursue legal recourse.
Following the indictment, Adani Group companies experienced a severe market reaction, losing approximately $28 billion in market value as shares plummeted.
Political ramifications emerged as Indian opposition parties demanded action against Adani, with Rahul Gandhi accusing Prime Minister Modi of protecting his close ally.
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