Adani's Downfall: Bribery Scandal Unravels Empire

Indian billionaire Gautam Adani faces serious charges in the U.S. over a $265 million bribery scheme aimed at securing lucrative contracts for Adani Green Energy. The indictments have caused significant market turmoil for Adani's enterprises, erasing billions in value as shares and bonds plummet.

Indian billionaire Gautam Adani has been hit with charges by U.S. prosecutors in an extensive bribery operation totalling $265 million, throwing Adani's business interests into turmoil. This marks a repeat crisis for his vast business empire within just two years, leading to a sharp decline in stock value.

The accusations against Adani, involving schemes to pay Indian officials for contracts set to bring $2 billion of profit, have caused shares in Adani's firms to nosedive. In particular, Adani Green Energy, deeply entwined in the scandal, was forced to cancel a significant bond sale.

Meanwhile, U.S. authorities have levied charges of securities and wire fraud against Adani and others, also implicating them in SEC civil complaints. These developments have sent shockwaves through the markets, notably more after reports of previous misconduct allegations.

(With inputs from agencies.)