Adani Group in Crisis: $30 Billion Wiped Out after US Bribery and Fraud Charges Emerge

News Network
November 21, 2024

adani.jpg

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
December 7,2024

westbank.jpg

The Israeli regime has announced the occupation of some 6,000 acres of Palestinian territories in the West Bank as part of the illegal entity’s land grab policy, marking the largest annexation by the Tel Aviv regime in decades.

Israeli finance minister Bezalel Smotrich was cited by the regime’s Channel 14 on Friday as declaring the confiscation of 24,000 dunums (5930.5 acres) of the occupied West Bank and classifying them as what he claimed to be “state lands.”

Stressing that the decision covers nearly half of the land confiscated as “state lands” since the Oslo Accords in 1993, the broadcaster said the announcement is a dramatic step that is expected to affect regional planning and change the face of the region.

“At the right time, today we completed a complex process to announce 24,000 dunums of new state lands in the West Bank,” Smotrich said.

“This process creates a settlement sequence, builds land reserves for Israel to develop settlements, infrastructure and roads, and guarantees that we will continue to strengthen the settlements, and we are here to stay,” he added.

In a post on X, the Israeli finance minister also wrote, “More than 23,000 dunams of land for the benefit of the settlement in Yosh. We determine facts on the ground and thwart the establishment of a Palestinian state!”

According to Channel 14, the illegal settlement of Ma’ale Adumim, east of occupied al-Quds, would be expanded by approximately 2,600 dunums (642 acres) to the south to create a settlement chain linked to the illegal settlement of Kedar.

Other illegal settlements such as Migdal Oz and Susya in the southern West Bank and Yafit in the Jordan Valley will also be expanded.

The Israeli channel also quoted Smotrich as claiming that the decision was a “historic achievement that contributes to strengthening settlement activity and expanding land designated for infrastructure and settlement projects.”

Last month, the far-right minister claimed that next year would see the application of “Israeli sovereignty” over the occupied West Bank.

More than 700,000 Israelis live in over 230 settlements built since the 1967 Israeli occupation of the West Bank and East al-Quds, with international law viewing both as “occupied territories” and considering all Jewish settlement-building activity there as illegal.

The International Court of Justice (ICJ) issued a landmark advisory opinion in July and declared Israel’s decades-long occupation of Palestinian land “illegal” and demanded the evacuation of all settlements in the West Bank and al-Quds.

The latest Israeli land garb comes as the regime has ramped up its aggression against Palestinians across the West Bank since October 7 last year, when it launched a genocidal war against the Gaza Strip. The occupation has since claimed more than 44,500 lives in the besieged enclave.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
December 11,2024

irankhamenei.jpg

Ayatollah Seyyed Ali Khamenei, Leader of the Islamic Revolution, has called the Syrian conflict a "joint American and Zionist plot," while attributing a secondary role to a neighboring country in the crisis.

Speaking to a gathering in Tehran on Wednesday, Ayatollah Khamenei emphasized, "There should be no doubt that what happened in Syria was plotted in the command rooms of the United States and Israel. We have evidence for this."

The Leader also pointed to the involvement of a neighboring nation, widely understood to be Turkey, stating, "One of the neighboring countries of Syria also played a role, but the primary planners are the US and the Zionist regime."

Ayatollah Khamenei dismissed fears of a weakened resistance front following the takeover of parts of Syria by militants and Takfiri terrorists. He assured that resistance will emerge stronger despite the adversities. "This is what the resistance is, this is what the resistance front is. The more you push, the stronger it becomes; the more you commit crimes, the more motivated it becomes. The more you fight with them, the more widespread it will be, and I tell you, by the Divine Power, the domain of resistance will cover the entire region more than before."

The Leader rejected analysis suggesting that a weakened resistance front would lead to Iran’s decline. "That ignorant analyst, unaware of the meaning of resistance, imagines that when the resistance becomes weak, Islamic Iran will also become weak, and I say that by God's will and power and with the permission of God Almighty, Iran is strong and powerful and will only grow more powerful," Ayatollah Khamenei declared.

Highlighting the divisions among militant groups operating in Syria, the Leader noted, "Each group has its own agenda and all seek to stake out their own turf."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
December 11,2024

SDPIUdupi.jpg

Udupi: The police have booked a case against the office-bearers of the Social Democratic Party of India (SDPI) for holding 'Chalo Belagavi - Ambedkar Jatha’ without permission and thereby disrupting the movement of vehicles on national highway at Hejmadi.

The SDPI held a jatha on December 10 from 2:30 pm to 3:30 pm. According to the police, the group had unlawfully gathered near the National Highway toll gate in Hejmadi. Despite instructions from the PSI to disperse, they failed to act and disrupted the traffic on the national highway.

The police have booked case against SDPI state secretary Riyaz Kadumbu, leaders Haneef Muloor, Nooruddin Mallaru, Firoz Kanchinadka, Thoufeeq Uchila, Majeed Uchila, Ibrahim Kanchinadka and others under Sections 57, 189(2), 189(3), 281, 285 and 190 of the BNS.

About 75 to 100 people commenced a procession --without obtaining permission -- in cars and two-wheelers shouting slogans. They caused inconvenience to the vehicles moving on the national highway, police said. 

The jatha, which was launched in Udupi on December 10, is expected to cover Dakshina Kannada, Chikkamagaluru, Shivamogga, Davanagere, Haveri, Koppal, Bagalkote, Hubballi, Dharwad and reach Belagavi on December 16.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.