Adani Group Faces Market Crash Amid Bribery Allegations

The Adani Group's market valuation nosedived by Rs 2.19 lakh crore after US prosecutors charged Gautam Adani with involvement in a bribe scheme. Shares of top firms plunged, exacerbating the group's financial woes. The conglomerate denies all charges, calling the allegations baseless and pledging legal action.

The combined market valuation of all ten listed Adani group firms has experienced a dramatic decline, shedding Rs 2.19 lakh crore on Thursday. This drop comes in the wake of a scandalous report from the US earlier this year, magnified now by current allegations.

Shares in several flagship companies under the Adani brand saw significant downturns amid charges leveled against billionaire Gautam Adani. US prosecutors allege Adani's participation in a USD 265 million bribery scheme aimed at securing favorable solar power contracts in India.

The Adani Group, in response, has categorically denied the allegations, asserting compliance with all laws and vowing to explore all legal avenues. Despite the group's assurances, the fallout from this controversy is contributing to ongoing volatility in the global markets.

(With inputs from agencies.)