Adani Group's Stock Plummet: Bribery Allegations Shake Market

The Adani Group's stocks took a significant hit, with the market valuation dropping by Rs 2.45 lakh crore after US prosecutors accused Gautam Adani and associates of a $250 million bribery scheme for favorable solar energy contracts. This dramatically affected stock prices across multiple Adani enterprises.

The Adani Group experienced a substantial blow in the stock market on Thursday, with shares drastically losing value following charges against Gautam Adani. Prosecutors from the United States allege the billionaire was involved in a $250 million bribery scandal to secure advantageous solar power agreements in India.

The repercussions were immediate and severe: Adani Enterprises saw a 22.99% drop, Adani Ports decreased by 20%, and similar plunges were noted by Adani Energy Solutions and Adani Green Energy. Overall, the financial impact amounted to an erosion of Rs 2.45 lakh crore in market valuation for the group's listed companies.

This legal predicament highlights the potential consequences of international corruption probes, which can deeply affect companies with global financial ties. The charges were also accompanied by a civil case from the SEC, adding further pressure on the Adani conglomerate.

(With inputs from agencies.)