Allegations and scandals against the Adani Group: A timeline
The Hindu
Gautam Adani indicted for securities fraud, Adani Group stocks plummet, facing bribery and fraud allegations in the U.S.
With a U.S. court indicting Gautam Adani and seven others on charges of securities and wire fraud, Adani’s stocks nosedived as possible arrest of one of India’s richest businessmen looms large. The indictment by the United States Department of Justice (DoJ) and United States Securities and Exchange Commission accuses Mr. Adani of duping investors by concealing that his company’s huge solar energy project on the subcontinent was being facilitated by an alleged bribery scheme.
The fallout of the indictment was immediate. Adani Green Energy Ltd withdrew its proposed $600 million U.S. dollar denominated bond offering after the Easter New York district court charged the apples to airports conglomerate of bribery and civil charges of securities fraud, according to the company’s regulatory filings.
Gautam Adani U.S. indictment LIVE updates: Adani dollar bonds tumble after 250 million bribery scheme
Moreover, shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday (November 21, 2024). Gautam Adani’s flagship company Adani Enterprises tumbled 23%, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC, Ambuja Cements and NDTV fell between 20% and 90%.
Also read | Gautam Adani US Indictment: Who are the seven others charged with defrauding American investors?
It is the latest scandal to grip the Adani Group a year after an OCCRP report accused the Adani family of using offshore funds in August 2023. In January 2023, U.S.-based short-seller Hindenburg Research accused the conglomerate of stock manipulation and accounting fraud scheme, improper use of offshore tax havens and higher-than manageable debt levels. Previously, the Group has been accused of getting preferential treatment and environmental damage. Here is a timeline.
Gold and silver prices drop due to reduced demand, global factors, and market uncertainties, impacting futures trading.
Uber launches water transport service in India, starting with shikara rides at Dal Lake in Srinagar.
Benchmark indices Sensex and Nifty rise on blue-chip stocks, firm US markets, and global oil prices, despite economic slowdown.
Rupee hits all-time low against dollar on Trump tariff threat, disappointing data, and foreign fund outflows.
Government scraps windfall profit tax on crude oil and fuel exports due to declining international oil prices.
HSBC India PMI shows slowing factory activity, rising input costs, and strong export orders driving manufacturing growth.
North East Tea Association opposes mandatory public auction for tea sales, citing hindrance to ease of doing business.
November GST revenues show slower growth in gross receipts at 8.5%, but net revenues increase by 11.1%.
RBI likely to keep interest rates unchanged due to high inflation and low GDP growth, experts predict.
Union Minister Nirmala Sitharaman distributes loans in Bihar, emphasizing women's role in India's development by 2047.
Foreign investors withdrew $2.56 billion from Indian equity market in November due to various economic factors.