Adani: November 21 brought big trouble for Indian billionaire and Adani Group Chairman Gautam Adani. Actually, serious allegations have been made against Gautam Adani in America . The company has denied the US court's allegations.
Investor wealth declined by Rs 5.27 lakh crore on Thursday as the market collapsed following a sharp fall in Adani Group shares. The 30-share BSE index ended 422.59 points lower at 77,155.79.
During the day, the index fell by 775.65 points, or 0.99 per cent, to 76,802.73. The market capitalization of BSE-listed companies declined by Rs 5,27,767.57 crore to Rs 4,25,38,908.01 crore ($ 5.04 lakh crore).
What is the entire case? During a hearing in the Federal Court of New York, Gautam Adani's company has been accused of defrauding US investors and paying substantial bribes to Indian officials to secure a solar energy contract.
Allegations state that between 2020 and 2024, Indian officials were bribed $265 million (approximately Rs 2236 crore) through improper channels to award these solar projects to Adani Green and Azure Power Global.
Furthermore, it is claimed that the bribe was concealed from the American company, Azure Power Global. The contract was projected to generate over $2 billion in profits over 20 years, and loans and bonds were raised based on false claims to exploit this opportunity.
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