Adani Group Plunged into Crisis Amid Alleged Bribery Charges

French oil giant TotalEnergies has halted investments in India’s Adani Group amid allegations of a bribery scheme involving the conglomerate's chairman, Gautam Adani. The controversy has caused significant disruptions in the Indian parliament and financial markets, as multiple projects and stocks are impacted.

French oil giant TotalEnergies announced on Monday that it will suspend further investments into India's Adani Group following accusations of a multi-million-dollar bribery scheme. The allegations, which implicate the group's billionaire chairman Gautam Adani and others, have sent shockwaves through financial markets and caused political upheaval in India.

Last week, U.S. authorities charged Adani and seven others with agreeing to pay $265 million in bribes to Indian officials to secure lucrative contracts, including a major solar power project. The Adani Group has denied the allegations, asserting that they are baseless and pledging to pursue all legal avenues available.

The accusations have disrupted India's parliament, with opposition lawmakers demanding discourse on the issue. Adani's stocks have suffered as TotalEnergies, holding a 20% stake in Adani Green Energy, stated it wouldn't make further payments until the matter is clarified. The U.S. indictment has also led to banks reviewing their exposure to the group.

(With inputs from agencies.)