India's Adani Group sees $22 billion in value wiped off after US indictments By Reuters
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 21 2024
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Should l Buy ?
Source: Investing.com
Adani Group's Market Loss: Shares of Adani Group companies plummeted by approximately $22 billion in market value following U.S. prosecutors charging chairman Gautam Adani and others in a bribery and fraud scheme involving $265 million in bribes to Indian officials.
Legal Actions and Financial Impact: The U.S. Justice Department issued a criminal indictment against Gautam Adani and his nephew, while Adani Green announced the cancellation of proposed bond offerings due to these developments, leading to significant declines in their dollar bonds.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
