India's Adani Group sees $22 billion in value wiped off after US indictments By Reuters
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 21 2024
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Source: Investing.com
Adani Group's Market Loss: Shares of Adani Group companies plummeted by approximately $22 billion in market value following U.S. prosecutors charging chairman Gautam Adani and others in a bribery and fraud scheme involving $265 million in bribes to Indian officials.
Legal Actions and Financial Impact: The U.S. Justice Department issued a criminal indictment against Gautam Adani and his nephew, while Adani Green announced the cancellation of proposed bond offerings due to these developments, leading to significant declines in their dollar bonds.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
