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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.

In the heart of Mangaluru, where rising air pollution is spurring public health worries, voices are calling for a greener, cleaner shift in the city’s public transport. Leading this call is APD Foundation, a Mangaluru-based environmental NGO, which has urged Forest, Ecology, and Environment Minister Eshwar Khandre to mandate electric vehicle (EV) adoption in public transport.

Abdullah A Rehman, CEO of APD Foundation, emphasized in a formal letter to the minister that Mangaluru’s public transportation system—efficient and organized with both government and private players—could transition smoothly to EVs in stages. He suggested that government-backed financial incentives, partnerships with EV manufacturers, and collaborations with environmental groups could streamline the switch.

Rehman stressed the potential of EVs to cut down emissions, enhance air quality, and reduce noise levels, noting the quieter operation of electric buses. He confirmed that a copy of his letter was submitted to the Deputy Commissioner as well.

However, Dilraj Alva from the Dakshina Kannada City Bus Association noted potential challenges, explaining that the shift might take up to two years due to infrastructure and budget hurdles. Most EV buses, he explained, are procured through aggregators, not directly by individual operators. The addition of charging stations and other essential infrastructure further complicates the transition.

Alva also raised the economic concern: while diesel buses are priced between ₹30-40 lakh, electric buses can cost up to ₹1 crore. Reflecting on recent meetings with companies, including one in Manipal, he questioned the assumption that EVs are an absolute solution to pollution. “EVs aren’t entirely eco-friendly, especially when considering battery disposal,” he cautioned.

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.