Adani Group’s founder Guatam Adani has been named in a five count indictment from the US New York eastern district court.
The court alleges that more than $250 million in bribes were promised to Indian government officials to secure solar energy contracts for an Indian energy firm. As a result of the allegations, Adani Green Energy, although not specifically named in the indictment, has decided not to proceed with a $600 million US denominated bond offering.
Shares in many of Adani's companies fell heavily at the opening of trading hours on Thursday, November 21.
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