India's active covid cases drop below 5-lakh mark for first time after 106 days

News Network

November 11, 2020

New Delhi, Nov 11: The Union Ministry of Health and Family Welfare (MoHFW) on Wednesday said that "India has scaled an unprecedented peak as the active COVID-19 cases have dropped below the 5-lakh mark for the first time after 106 days".

"This assumes significance in the context of many countries reporting a surge in their active caseload," the Ministry of Health tweeted.

This landmark achievement has been made possible by the Centre's sustained, graded and targetted strategies, their effective implementation by the States and Union Territories, dedicated and selfless service of doctors and all other COVID-19 warriors, the Ministry added.

Meanwhile, with 44,281 new COVID-19 infections reported in the last 24 hours, India's total cases surged to 86,36,012, according to the Union Health Ministry.

With 512 new deaths reported in the last 24 hours, the toll mounts to 1,27,571. While the total number of active cases are 4,94,657 after a decrease of 6,557 in the last 24 hours. Total cured cases are 80,13,784 with 50,326 new discharges in the last 24 hours.

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

News Network

November 21,2024

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.

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