Adani Group stated that since the U.S. Department of Justice's indictment, it has suffered a staggering loss of nearly $55 billion in market capitalization across its 11 listed companies.
Despite a minor rise in stocks on Wednesday, Adani Enterprises has lost over 20% of its market value since the indictment, reflecting the serious implications of the allegations.
The company's firm denial of the charges, calling them 'baseless,' does not overshadow the significant consequences faced, including project cancellations and financial market turmoil.
Gautam Adani and others are only charged with wire fraud and securities fraud, denying any involvement in bribery or corruption related to government contracts.
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