India's Adani shares tumble after US indicts group chairman in bribery case
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 21 2024
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Source: Reuters
Adani Group Shares Decline: Shares of various Adani Group companies dropped significantly, with Adani Enterprises falling 10% and others declining between 7% and 18%, following charges against chairman Gautam Adani for alleged bribery and fraud.
Bribery Allegations: U.S. prosecutors accused Adani and seven associates of agreeing to pay approximately $265 million in bribes to Indian officials to secure contracts expected to generate $2 billion in profits over two decades, including a major solar power project.
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.
