Adani Controversy Ripple: Parliament Stalls Amid U.S. Indictment

India's parliament proceedings were suspended due to demands for a discussion on the U.S. indictment of Gautam Adani. U.S. authorities accused Adani of bribery and misleading investors, allegations which the Adani Group denies. The opposition criticizes the Indian government for shielding Adani.

India's lower house of parliament faced disruption for a second consecutive day as lawmakers demanded discussions on the U.S. indictment of Gautam Adani. Adani, a prominent billionaire, his nephew Sagar Adani, and Adani Green's managing director Vneet S. Jaain are accused by U.S. authorities of orchestrating a $265 million bribery scheme to secure Indian power contracts.

These allegations, which include misleading U.S. investors, have been strongly denied by the Adani Group, branding them as "baseless." However, the controversy has generated political unrest in India, with the Congress party accusing Prime Minister Narendra Modi's BJP government of protecting Adani from investigation.

Meanwhile, Adani Group's stocks are regaining some value, after initially losing up to $34 billion. However, Adani Green, particularly affected by the accusations, is still down by $8 billion. In addition, both TotalEnergies and the Kenyan government have reconsidered their engagements with Adani following the indictment news.

(With inputs from agencies.)