The Adani Group announced on Wednesday that it had incurred a massive loss of nearly $55 billion since U.S. corruption charges were filed against top officials, which the company denies, reads a the Hindu report.
India's Adani Group conglomerate said Wednesday it had suffered a staggering loss of nearly $55 billion since US corruption charges against top officials, accusations the company denies.
"Since the initiation of the US DoJ (Department of Justice) indictment, the group has suffered a loss of near $55 billion in its market capitalization across its 11 listed companies," it said in a statement.
The November 20 bombshell indictment in New York accused billionaire industrialist founder Gautam Adani and multiple subordinates of deliberately misleading international investors as part of the bribery scheme.
It said they had "devised a scheme to offer, authorise, make and promise to make bribes payments to Indian government officials".
Adani Group issued a stiff denial, describing the charges as "baseless".
A statement on Wednesday said Adani officials are "only charged" with securities fraud, wire fraud conspiracy and securities fraud.
Adani is a close ally of Hindu nationalist Prime Minister Narendra Modi and was at one point the world's second-richest man, and critics have long accused him of improperly benefitting from their relationship.
The group said the action had led to "significant repercussions", including "international project cancellations, financial market impact and sudden examination from strategic partners, investors and the public".
With a business empire spanning coal, airports, cement, and media, Adani Group has weathered previous fraud allegations and a similar stock crash last year. In 2023, the conglomerate saw $150 billion wiped from its market value following a report by short-seller Hindenburg Research, which accused it of "brazen" corporate fraud.
Source: Daily Mirror, SL
Bd-pratidin English/ Jisan
