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Adani group stocks tumbled after US prosecutors indicted billionaire Gautam Adani, his nephew Sagar Adani and seven other senior business executives in connection with an alleged bribery scheme. U.S. prosecutors have indicted them for paying $265 million in bribes to secure solar energy contracts expected to generate $2 billion in profits over 20 years.

The indictment claims Adani and his associates engaged in securities and wire fraud, used code names to conceal their actions, and misled investors and lenders to secure over $3 billion in financing. These actions allegedly violated the U.S. Foreign Corrupt Practices Act (FCPA), prohibiting bribery in international business dealings.

The Adani group is yet to issue any official statement.

Source: Ace Equity, News Article