Adani Group Suffers Loss of 2.2 Lakh Cr Following US Revealation of Bribery Case

As a result of the US indictment of Gautam Adani and others by the US Attorney’s office and SEC (Security and Exchange Commission) the firms listed under the ‘Adani Group’ have suffered a huge loss in a day of around 2.2 lakh crores. This amounts to a loss of the group’s stocks by a staggering 20% in a day. This is the highest single-day loss since the ‘Hindenburg’ episode.

According to Forbes’ Real-Time BillionaireList, Gautam Adani’s net worth also plummeted by $10.5 billion to $59.3.

Adani Enterprises Ltd saw a dramatic share price collapse today (21 November), with stocks plunging as much as 23% to a day-low of Rs 2,171.60.

Adani, along with seven co-defendants, including his nephew Sagar Adani, is accused of paying $250 million in bribes to Indian government officials to secure contracts for a solar power project expected to yield $2 billion in profits over 20 years. Prosecutors said the bribes facilitated the development of what would become India’s largest solar power plant.