Adani Ports and Special Economic Zone Ltd. shares faced a steep decline, hitting the 10% lower circuit, following serious allegations against Gautam Adani and seven others. The accusations, including bribery, have sent shockwaves through the market, delivering a significant blow to the Adani Group’s reputation and investor confidence.
The allegations center on claims that over $250 million in bribes were paid to Indian government officials to secure lucrative solar energy contracts. These deals reportedly generated profits exceeding $2 billion for Adani Green Energy Limited, a key entity within the Adani Group. Additionally, U.S. regulators allege that top executives, including Gautam Adani, Sagar Adani, and Vneet Jaain, misled international investors while raising over $3 billion in capital for the company’s expansion.
The U.S. Securities and Exchange Commission (SEC) has filed civil complaints against Adani Green and Azure Power, accusing them of using illicit means to gain access to government contracts in India’s booming solar energy sector.
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