The Adani Group, one of India’s largest business empires, is in deep trouble. The company has lost around $26 billion in market value after the US Department of Justice (DOJ) accused its founder, Gautam Adani, and key executives of bribery and fraud.
Adani Enterprises, the flagship company of the group, saw its stock price plunge by 23% in just two days of trading last week. Other companies under the Adani umbrella, such as Adani Ports and Adani Green Energy, also faced massive losses.
But why is this happening?
The Allegations at a Glance
The US indictment accuses Gautam Adani, his nephew Sagar Adani, and five other top executives of bribing Indian officials with a whopping $265 million. This alleged bribery, which took place between 2020 and 2024, was aimed at securing contracts for solar energy projects. These projects were part of Adani Green Energy, the group’s renewable energy company.
The DOJ also claims that the Adani Group misled investors by hiding ongoing...
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