Adani Group: U.S. Department of Justice allegations baseless

Adani Group denies criminal and civil allegations, vows legal action, stocks plummet after U.S. indictment.

Hours after a statement from the New York Eastern District court indicted Gautam Adani and the other board of directors of Adani group of companies of criminal and civil irregularities, the Adani group denied the allegations against Adani Green calling them baseless.

Also Read:Gautam Adani U.S. indictment LIVE updates

The apples to airport conglomerate said that they were innocent until proven guilty, referring to a line in the U.S. Department of Justice (DoJ) statement and added that they were ready to resort to “all possible legal recourse.”

“The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws” the statement read.

Adani group’s response assumes significance as they had withdrawn their $600 million worth bonds issue in the U.S. hours before the statement was released.

Earlier in the day the DoJ in its statement indicted Gautam Adani, Sagar Adani and other board of directors in company on five counts ranging from civil case like securities fraud to criminal case like wire fraud, corrupt practices and obstruction of justice. The stocks of Adani’s seven listed companies in the bourses crashed about 10% on open, with Adani Energy Solutions falling the most.

Adani Enterprises Ltd stocks were at ₹2317 a piece, 18% lower than the previous close on the National Stock Exchange at around 2 PM on November 21.