RJD says Grand Alliance will form govt in Bihar; counting still on

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.

Mangaluru: Dakshina Kannada MP Captain Brijesh Chowta recently met with Union Minister for Railways Ashwini Vaishnav to discuss urgent concerns regarding the region's railway infrastructure development. Key issues raised during the meeting included the long-pending Mangaluru-Bengaluru connectivity, the Shiradi Ghat stretch, and other vital railway concerns impacting the region.

In addition to discussing these issues, Captain Chowta submitted a letter requesting the Union Minister's intervention and support. The letter emphasized the need to merge Konkan Railway with Indian Railways and called for the doubling of railway tracks between Bengaluru and Mangaluru, which would significantly improve rail connectivity between the state capital and Mangaluru.

Further, Captain Chowta raised concerns about enhancing passenger facilities along the region's rail routes, particularly the need for better services between Subrahmanya and Mangaluru.

To bring more attention to these pressing issues, Captain Chowta took to social media, urging the state government’s support. In a tweet on his official X handle, he requested Chief Minister Siddaramaiah to expedite the resolution of these concerns. “In this direction, I request our Karnataka government led by CM Shri @siddaramaiah to kindly provide the necessary state support for the swift redressal of various concerns pertaining to both Konkan Railways as well as HMRDC to ease movement of both people and cargo in this important stretch between Mangalore and Bangalore,” he posted.

The meeting with the Union Minister was attended by Bengaluru Rural MP Dr. CN Manjunath, Udupi-Chikmagalur MP Kota Srinivas Poojary, and Uttara Karnataka MP Vishweshwara Hegde Kageri, all of whom supported the discussion on enhancing railway infrastructure in the region.

Udupi: Six junior artists from the prequel of Kannada blockbuster film ‘Kantara’ were injured, when the bus they were travelling in overturned in the district, police said on Monday.

According to police, the accident occurred near Jadkal on Sunday night when the mini-bus carrying the crew of the film overturned.

“The incident happened while they were returning to Kollur after completing the shoot at Mudoor in Jadkal. The mini-bus was carrying 20 junior artistes when it met with the accident,” a police officer said.

The injured were rushed to hospitals in Jadkal and Kundapur for treatment, they said.

The Kollur police are investigating the matter.

"The news making rounds is completely false. The Kantara: Chapter 1 team began shooting at 06:00 AM today, and everything is proceeding as normal. A minor accident occurred 20 kilometres away from the shooting location, involving a local bus carrying some members of the Kantara team. However, no injuries were reported," a source close to the production said.