Adani Group shares plunge up to 20% following Gautam Adani’s bribery indictment in US
The US Attorney's Office for the Eastern District of New York unsealed a five-count criminal indictment against Gautam Adani, Sagar R Adani, and Vneet S. Jaain.
After a rollercoaster ride in 2023 due to Hindenburg, and a couple of days after the hearing at the Supreme Court, Gautam Adani is back to being Asia’s wealthiest person surpassing Chairman of the Reliance Industries Mukesh Ambani.
According to Bloomberg Billionaires Index, Adani’s net worth rose $7.7 billion in a day to $97.6 billion. With this he reclaimed the top spot in the region from Indian compatriot Mukesh Ambani.
Notably, Ambani was trailing by a narrow margin with a net worth of $97 billion, the index shows.
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After the Hindenburg Research’s bombshell allegations against the tycoon’s conglomerate, Gautam Adani has been on a rollercoaster ride when it comes to wealth gain and loss. He lost over 34 per cent of his net worth in January 2023.
The Adani Group has lost more than $150 billion in market value at one point last year and spent months wooing back investors, lenders, repaying debt and assuaging regulatory concerns.
The Supreme Court on Wednesday said there were no grounds for taking away the investigation of the Adani group of companies in the Hindenburg report from the markets regulator.
It granted the Securities and Exchange Board of India (Sebi) three months to complete the investigation of two pending matters and also refused to interfere in the agency’s matter.
The CJI-led bench refuses to nix SEBI’s FPI regulations, saying courts cannot enter into the domain of regulatory regime. The apex court also refuses to interfere with SEBI’s probe into the episode and declines to set up a SIT.
Adani Group’s stocks rallied after the Supreme Court’s decision.
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