The Adani Group faces erosion of a Rs 2.6 lakh crore market after bribery allegations in the US

Gautam Adani’s troubles escalated after U.S. prosecutors charged the Adani Group chairman, his nephew Sagar Adani and six others with allegedly paying bribes of 2,029 crore rupees ($265 million) to Indian government officials to secure solar contracts with state-owned companies dealing with the distribution of electricity. The bribes were to be paid in the years 2020-2024. US prosecutors claimed this fact was hidden from US banks and investors from whom the Adani Group raised billions for the solar power project. The Adani group hoped to make $2 billion in profits by securing energy contracts. The period during which the bribes were allegedly paid coincides with the 2023 publication of a damning report by US short-selling firm Hindenburg Research. The report accused the Adani Group of share manipulation and accounting fraud. This resulted in a $150 billion loss in market value for the Adani Group. Join Business Today TV’s Sakshi Batra to know more about this news