Adani Group faces major fallout with loss of $33 billion market value and canceled deals

From Investing.com: 2024-11-26 02:25:46

Investors and nations are cutting ties with Adani Group after U.S. indictment of chairman Gautam Adani for alleged bribery and fraud. The conglomerate denies accusations, but has lost $33 billion in market value, with Adani Green Energy hit hardest, losing $9.7 billion. TotalEnergies stops investing, leading to market plunges for Adani firms.

U.S. International Development Finance Corp reviewing impact of indictment on $550 million loan for port project in Sri Lanka. Sri Lanka studying accusations against Adani Group. Kenya cancels $2 billion airport deal, as well as $736 million energy partnership with Adani. Bangladesh sets up committee to investigate power contracts with Adani Power.

India’s Andhra Pradesh state considering canceling power supply contract with Adani Group after U.S. bribery indictments. Report alleges bribes of over $265 million paid to Indian officials for solar power contracts, with Andhra Pradesh receiving $228 million. Adani Group faces increased scrutiny and potential cancellations of contracts.



Read more at Investing.com: Factbox-Major fallout for India’s Adani Group after U.S. bribery indictment By Reuters