Adani Group's Financial Turmoil Amid Bribery Scandal

The Adani Group, led by billionaire Gautam Adani, faces significant financial challenges after a U.S. arrest warrant for Adani over a $265 million bribery case. This has caused a substantial decline in the group's stocks and has seen major deals, worth billions, canceled in Kenya and India.

The financial stir around India's Adani Group intensified as its stocks and bonds plummeted for the second consecutive day. This downturn follows a U.S. arrest warrant for the conglomerate's billionaire founder, Gautam Adani, linked to a $265 million bribery scheme.

Adani Green Energy, at the heart of the allegations, saw shares tumble by 8.6%, while Adani Energy dropped by 5.6%. This controversy has also impacted prospective international investments in India's renewable energy sector, crucial for global climate targets.

Adani Group's market valuation nosedived by $27 billion, while key deals in Kenya and India's energy sector were terminated. These developments underscore significant financial ramifications for the group, with U.S. prosecutors accusing them of misleading investors.

(With inputs from agencies.)