Shares in Adani companies plunged on Thursday, after US prosecutors indicted billionaire founder Gautam Adani, one of the world’s richest men.

India's Adani Group has denied allegations of bribery and fraud made by U.S. authorities in relation to the group's chair Gautam Adani.

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.

Adani Group stocks: This marks the second consecutive session of heavy losses for the conglomerate, with Thursday’s rout wiping out Rs 2.25 lakh crore from the group’s market capitalisation.

Left parties and the TMC demanded an investigation into the allegations of bribery and fraud against Gautam Adani made by US prosecutors.

Adani Group market cap falls: The bribery allegations caused panic selling across Adani Group stocks, marking their worst trading day since the Hindenburg Research report in early 2023.

Adani Bribery Case: The White House expressed confidence in the resilience of India-US ties despite allegations against industrialist Gautam Adani and his associates of orchestrating a $265 million bribery scheme to secure state energy contracts.

The US Department of Justice has charged Adani Group with misleading investors and making false statements to Indian stock exchanges.