Adani Group Denies US Bribery Allegations Amid Market Turmoil

The Adani Group denies bribery allegations made by the US Department of Justice and SEC against its chairman, Gautam Adani. The accusations do not include the Adani family in the primary charges, focusing instead on securities-related violations. The group faces a substantial loss in market value following the allegations.

The Adani Group has firmly rejected allegations of bribery levied by the US Department of Justice (DoJ) and the US Securities and Exchange Commission (SEC) against its chairman Gautam Adani and other key executives. In a letter to stock exchanges, Adani Green Energy Ltd (AGEL) labeled media reports of bribery and corruption charges against its officials as 'incorrect'. The company emphasized that no charges have been brought against Gautam Adani, his nephew Sagar Adani, or MD CEO Vineet Jaain under the US Foreign Corrupt Practices Act (FCPA), according to the DoJ indictment.

Contrary to accusations, the indictment excludes any mention of Gautam Adani, Sagar Adani, or Vineet Jaain in allegations related to the FCPA. Instead, corruption and bribery charges in the indictment implicate other individuals linked to Azure Power and CDPQ, a major shareholder. The Adani executives face counts in alleged securities and wire fraud conspiracies, but the DoJ document purportedly lacks evidence of direct bribe payments by Adani officials to Indian government officials.

The Indian conglomerate, a major player in global energy and logistics, has been expanding its footprint in international markets amid competition from US and Chinese counterparts. However, following the announcement of the US DoJ indictment, the Adani Group has seen a dramatic decrease in market capitalization, shedding nearly USD 55 billion across its 11 listed entities.

(With inputs from agencies.)