Adani Group Denies Bribery Allegations Amidst Financial Turmoil

The Adani Group's financial chief has refuted U.S. charges of a $265 million bribery scheme involving key executives. Despite financial market turbulence, Adani assures the continuation of its expansion efforts. The Indian government remains uninvolved legally, while political debates in India surge over the allegations.

The Adani Group faced backlash after the U.S. accused its executives, including Chairman Gautam Adani, of involvement in a $265 million bribery scheme pertaining to Indian solar contracts. The financial chief, Jugeshinder Singh, has strongly rejected these claims, asserting the group's innocence and commitment to legal recourse.

Amidst this controversy, Adani's expansion plans remain unaffected, as confirmed by Singh. Moreover, India's government has distanced itself from these allegations, considering them legal issues between private entities and the U.S. Department of Justice, without any intervention or request from the U.S.

The political landscape in India reflects the upheaval, with opposition parties criticizing Prime Minister Modi's perceived favoritism towards Adani. Despite the dip in share values, Adani Group has seen a recovery, and continues to adapt its financial strategies amidst ongoing scrutiny.

(With inputs from agencies.)