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Adani shares extend losses, with $44b rout on US charges
The Straits Times
|November 23, 2024
Stocks and bonds of India's Adani Group dropped for a second day on Nov 22 after a US arrest warrant was issued for its billionaire founder Gautam Adani over an alleged US$265 million (S$356.7 million) bribery scheme.
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Adani Green Energy, at the centre of the case, was down 8 per cent in early trade, and has lost a total of US$7 billion in market value since news of the indictment. The conglomerate's stocks have seen their combined market value fall by US$33 billion (S$44 billion).
US prosecutors charged Adani and seven others with agreeing to pay bribes to Indian government officials to obtain contracts that could yield US$2 billion of profit over 20 years and to develop India's largest solar power plant project.
Denne historien er fra November 23, 2024-utgaven av The Straits Times.
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