Tremors trigger panic across Delhi-NCR, Rajasthan as 5.8 quake strikes Nepal

News Network

January 24, 2023

New Delhi, Jan 24: A 5.8-magnitude earthquake struck Nepal Tuesday afternoon with tremors also being felt in parts of Delhi, national capital region and Jaipur.

The quake struck at 2:28 pm with the epicentre in Nepal at a place 148 km east of Pithoragarh in Uttarakhand, the National Centre for Seismology said.

"It was scary as the tremors hit," said Shantanu, who resides in a high-rise tower in Noida.

Amit Pandey, a Delhi resident, said, "I was on the fifth floor of one of the blocks at the Civic Centre. I felt a growling noise beneath my feet and a mild shake, when the tremor passed through perhaps."

Many others in the towering Civic Centre, the headqauters of the Municipal Corporation of Delhi, also felt the tremors which hit when the House proceedings were underway.

Tremors were felt in parts of Rajasthan's capital city of Jaipur as well. There was no immediate report of loss of life or property from there.

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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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