Modi 3.0: Top 4 ministries unchanged; PM to handle high profile portfolios including Space and Atomic Energy

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.

Udupi, Nov 11: A traveller reportedly lost ₹4.1 lakh after attempting to book a cab online in Udupi. 

At around 1:30 PM on November 7, the man from West Bengal searched for car rentals on Google and selected a website named "Shakti Car Rentals." Shortly after, he was contacted by someone claiming to be "Rohit Sharma," who directed him to pay a registration fee of ₹150 on the site.

After unsuccessful payment attempts via both his Canara Bank debit card and SBI credit card (without receiving an OTP), "Rohit Sharma" instructed him to pay the driver directly. But at 1:47 PM, he received messages showing deductions of ₹3.3 lakh from his SBI credit card and ₹80,056 from his Canara Bank debit card, totaling ₹4.1 lakh.

The complainant alleges fraud through a deceptive link disguised as a booking token fee. A case has been registered at Udupi Town Police Station.

Mangaluru: A tragic accident took place on Saturday at Chembugudde near Thokkottu, claiming the life of a 47-year-old woman after a tanker lorry ran over her. The victim, identified as Rahmat H Rashid, was riding pillion with her husband, Abdul Rashid G, on their scooter. 

The couple was traveling from Yenepoya Hospital to Bajpe when the scooter skidded on the poorly maintained road. Rahmat fell onto the road and was fatally struck by a tanker lorry that was coming from behind. Despite being rushed to the hospital, doctors declared her dead upon arrival.

The incident prompted a swift response from the DYFI Ullal Taluk Committee, which staged a protest on Saturday night, condemning the unsafe condition of the road. Nithin Kuthar, president of the committee, criticized MLA and Legislative Assembly Speaker UT Khader for failing to ensure safe infrastructure, despite touting the road as toll-free. 

Kuthar demanded immediate repairs, warning that the committee would march to the MLA’s office with black flags if the road is not fixed within a week.

Former DYFI State President Sunil Kumar Bajal also voiced frustration over the deteriorating condition of Thokkottu market, highlighting the struggles people face while crossing roads riddled with dangerous potholes. In response to public outcry, temporary repairs were made to the road at Chembugudde on Sunday, though locals remain wary and demand a more permanent solution.