Shares of Adani Green Energy dropped sharply by 18.54% to ₹1,150 on the BSE, following serious allegations against Gautam Adani and other executives in the U.S. The indictment accuses them of a massive bribery and fraud scheme involving solar energy contracts.
Key Allegations:
- Bribery Payments: The group is accused of paying over $250 million in bribes to Indian government officials for securing solar energy contracts worth $2 billion in profits.
- Investor Misrepresentation: Gautam Adani, alongside top executives, allegedly misled global investors about the company’s compliance with anti-bribery practices while raising over $3 billion.
- U.S. SEC Charges: The Securities and Exchange Commission has filed civil complaints accusing Adani Green Energy of bribery to secure contracts.
Impact on Adani Group:
- Market Reaction: Adani Group stocks, including Adani Power and Adani Enterprises, witnessed sharp declines in early trade.
- Legal Implications: The allegations could lead to prolonged legal battles, impacting investor sentiment and financial stability within the group.
This incident adds to existing scrutiny on Adani Group’s operations and could pose significant challenges for its global reputation and business expansion plans.
