Gautam Adani gets another big blow, many deals cancelled in Kenya
Adani Group shares fell sharply on November 21. The layers of the case are constantly being unraveled and new faces are coming to the fore. In the charge sheet of the US Securities and Exchange Commission (USSEC), Adani Group has been accused of bribing former Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy and other officials.
Adani Group has been accused of bribing Indian government officials of more than $250 million to get solar energy contracts. These allegations have been made by the US Department of Justice and the US Securities and Exchange Commission. On the other hand, according to a Reuters report, an arrest warrant was issued against both (Gautam Adani and his nephew Sagar Adani) in the US after these allegations on November 20.
At the same time, a statement has also come from the Adani Group. A spokesperson for the group said that the allegations leveled by the commission against the Adani directors are baseless and are denied. As the US Department of Justice itself has said, “The allegations leveled in the indictment are merely allegations and the defendants are presumed innocent until proven guilty.”
Adani Group shares saw a significant decline throughout the day today. Almost all the shares of the group closed in the red. The group’s valuation has come down by about Rs 2.5 lakh crore. On the other hand, the Nifty PSU Bank Index registered the biggest decline in 5 months, in which it fell by about 5%. Shares of State Bank of India (SBI), Bank of Baroda (BOB) and Punjab National Bank (PNB) saw the biggest decline.
