Adani shares sink again in India after founder's US chargesMUMBAI, Nov 22, 2024 (BSS/AFP) - Shares in Indian billionaire Gautam Adani's conglomerate sunk again Friday after US charges alleging the tycoon paid more than $250 million in bribes to secure lucrative government contracts rattled investor confidence. Wednesday's bombshell indictment in New York accused Adani and multiple subordinates of deliberately misleading international investors as part of the bribery scheme. Adani Group issued a stiff denial of the charges against its directors on Thursday, describing them as "baseless" and announcing it would pursue "all possible legal recourse". With a business empire spanning coal, airports, cement and media, Adani Group has weathered previous corporate fraud allegations and suffered a similar stock crash last year. It claimed Adani Group had engaged in a "stock manipulation and accounting fraud scheme over the course of decades".

Source: Bangladesh Sangbad Sangstha November 22, 2024 11:59 UTC