Adani Group says it lost nearly $55 billion since U.S. corruption charges
The Hindu
Adani Group claims $55 billion loss due to U.S. corruption charges, facing backlash and financial impact.
The Adani Group conglomerate said Wednesday (November 27, 2024) it had suffered a staggering loss of nearly $55 billion since U.S. corruption charges against top officials, accusations the company denies.
"Since the intimation of the U.S. DoJ (Department of Justice) indictment, the group has suffered a loss of near $55 billion in its market capitalisation across its 11 listed companies," it said in a statement.
The November 20 bombshell indictment in New York accused billionaire industrialist founder Gautam Adani and multiple subordinates of deliberately misleading international investors as part of the bribery scheme.
It said they had "devised a scheme to offer, authorise, make and promise to make bribes payments to Indian government officials".
Adani Group issued a stiff denial, describing the charges as "baseless".
A statement on Wednesday said Adani officials are "only charged" with securities fraud, wire fraud conspiracy and securities fraud.
Adani was at one point the world's second-richest man.
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