Adani Group shares plunge up to 20% post US SEC bribery, fraud charges

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Adani Group shares plunge up to 20% post US SEC bribery, fraud charges - Business Standard

Quick Summary:

Gautam Adani, along with other executives, has been charged by US prosecutors for allegedly bribing ($250 million) Indian officials.

In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings" Adani Green Energy said in an exchange filing on Thursday.

Prosecutors also said the Adani's and another executive at Adani Green Energy, former CEO Vneet Jaain, raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors.