After billionaire Gautam Adani and seven other individuals were charged in the US with a multibillion-dollar bribery and fraud plot, stocks of Adani Group firms dropped as much as 20% on Thursday. The group allegedly paid Indian authorities to get solar energy contracts, according to the allegations that prosecutors revealed on Wednesday.
Adani Energy Solutions’ stock suffered the most, plunging 20%. Adani Green’s stock was down almost 18%, while Adani Power and Adani Total Gas were down 13–14%.
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