Adani Loses ₹1,00,000 Cr Amid Bribery Charges

Billionaire businessman Gautam Adani's real-time net worth plunged by over $12 billion (around  ₹1,00,000 Cr) on Thursday, November 21, 2024, following charges by U.S. prosecutors accusing him of involvement in a $250 million bribery scheme.

According to Bloomberg, U.S. federal prosecutors alleged that Adani and other defendants paid Indian government officials over $250 million in bribes to secure solar energy contracts while concealing the scheme to raise funds from U.S. investors.

In response, the Adani Group announced that its subsidiaries have decided not to proceed with proposed USD-denominated bond offerings.

The company stated in a regulatory filing, “The United States Department of Justice and the SEC have issued a criminal indictment and civil complaint, respectively, against our Board members, Gautam Adani, Sagar Adani, and Vneet Jaain.”

As per Forbes’ Real-Time Billionaires list, Gautam Adani’s net worth stood at $57.8 billion as of November 21, marking a 17.24% decline in a single day, placing him 25th globally.

Adani Group’s listed stocks also suffered significant losses, with their combined market valuation eroding by ₹2.45 lakh crore during morning trade, reports PTI.

The group, generating $32 billion in revenue, has diverse interests in ports, airports, power generation, transmission, and green energy.