Adani Group's Bribery Allegations: Gautam Adani Breaks Silence

Gautam Adani, founder of Adani Group, addressed allegations from U.S. authorities about a $265 million bribery scheme. Adani emphasized the conglomerate's commitment to regulatory compliance, denying the accusations as baseless. The company has faced challenges, including a review and investment pause, yet continues to draw support.

Breaking his silence on the bribery allegations from U.S. authorities, Adani Group's founder Gautam Adani expressed his commitment to maintaining world-class regulatory compliance despite the charges. He addressed the public for the first time since accusations arose concerning a $265 million bribery scheme within his ports-to-power empire.

The accusations have had far-reaching effects, prompting one Indian state to reconsider a power agreement while making France's TotalEnergies put a hold on investments. This mounting controversy has also stirred political upheaval in India's parliament.

Despite the heavy impact where $34 billion was initially lost in market value, Adani Group's stocks have gradually rallied as partners and investors continue to back the conglomerate. Adani dismisses the allegations as unfounded and vows to pursue all legal avenues to fortify the group's resolve.

(With inputs from agencies.)