Adani Group Halts Bond Offerings Amid Bribery Allegations

Anukkriti Tomar

An American prosecutor has alleged that Indian entrepreneurs Gautam Adani, Sagar Adani, and other officials have engaged in bribery.

He has been charged with offering bribes amounting to Rs 2110 crore to Indian government officials in order to secure solar energy contracts.

Following this, the Adani Group has released a statement announcing a significant decision by the company.

The subsidiaries of the group have chosen to halt the planned USD-denominated bond offerings for now.

Remember when Hindenburg made the accusation on January 24, 2023, the stock of Adani Enterprises dropped by 60%, reaching 1300 within a month.

Nevertheless, the company faced allegations of manipulating share prices and engaging in short selling, which significantly impacted its swiftly rising stock.

However, in this situation, the Adani Group has merely been accused, with no confirmations made. Consequently, a market decline similar to Hindenburg's is not anticipated.

Nevertheless, the company will experience a slight loss due to a market sell-off.