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News Adani shares fall after US arrest warrant issued for Gautam Adani

Adani shares fall after US arrest warrant issued for Gautam Adani

Written by Global Cement staff 22 November 2024
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India/US: Shares in Gautam Adani-led conglomerates fell by 20% on 21 November 2024 after prosecutors in the US filed bribery charges against Adani and his associates. They allege a US$250m payoff to Indian officials to secure solar power contracts. Adani, along with seven co-defendants, including his nephew Sagar Adani, is accused of paying the bribes to secure contracts for what would become India's largest solar power project, projected to generate US$2bn in profits over the next 20 years.

The companies affected in the share fall included the Life Insurance Corporation of India (LIC), which holds stakes in seven Adani companies, including ACC and Ambuja Cement, as well as Adani Enterprises, Adani Ports, Adani Green Energy, Adani Energy Solutions and Adani Total Gas.

Adani Group has denied the allegations, calling them ‘baseless.’

Last modified on 27 November 2024
Published in Global Cement News
Tagged under
  • Adani Group
  • Shares
  • India
  • US
  • GCW687

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