India's Adani shares tumble after US indicts group chairman in bribery case

Adani Total Gas

21/11/2024 03:46

Nov 21 (Reuters) - Shares of Adani Group companies fell
sharply on Thursday after U.S. prosecutors charged the
billionaire chairman of the Indian conglomerate in an alleged
bribery and fraud scheme.
    Gautam Adani's flagship company Adani Enterprises  ADEL.NS 
fell 10% in pre-open trade, while Adani Ports  APSE.NS , Adani
Total Gas  ADAG.NS , Adani Green  ADNA.NS , Adani Power
 ADAN.NS , Adani Wilmar  ADAW.NS  and Adani Energy Solutions
 ADAI.NS , ACC  ACC.NS , Ambuja Cements  ABUJ.NS  and NDTV
 NDTV.NS  fell between 7% and 18%.
    U.S. authorities said Adani and seven other defendants,
including his nephew Sagar Adani, agreed to pay about $265
million in bribes to Indian government officials to obtain
contracts expected to yield $2 billion of profit over 20 years,
and develop India's largest solar power plant project.
    Adani did not immediately respond to Reuters' requests for
comment.       
($1 = 84.4000 Indian rupees)

 (Reporting by Sethuraman NR; Editing by Muralikumar
Anantharaman)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))