Tycoon Gautam Adani indicted in US for alleged solar project fraud in India, shares plummet 20%

Quick Summary:

NEW DELHI—Asia’s controversial richest man, Indian tycoon Gautam Adani, is again in the spotlight.

His companies’ stocks plunged up to 20% on Thursday after he was indicted by US prosecutors on charges he duped investors in a massive solar energy project in India by concealing that it was being facilitated by an alleged bribery scheme.

Adani is the son of a middle-class family in Ahmedabad in western India’s Gujarat state.

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Article Details

Author / Journalist: Ashok Sharma / The Associated Press

Category: BusinessStartups

Markets: PhilippinesAustraliaIndiaIndonesiaSri Lanka

Topics: Adani’s India’s Adani Project Party Gujarat Largest India Energy Fraud Group

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-21 @ 13:43:55 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 799 words

Reading Time: 5 minutes read

Sentences: 34 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 23738959

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News Last Updated: 11 hours ago

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