Block, district presidents in Karnataka will be changed soon: KPCC working president

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.

The Israeli regime has killed at least 40 people during new airstrikes against eastern Lebanese areas, besides targeting the country’s capital Beirut with fresh acts of aggression.

Lebanon’s health ministry announced the fatalities on Wednesday, saying 53 other people had also been wounded during the aerial attacks that targeted the country’s Bekaa Valley, including the city of Baalbek.

In early Thursday, the regime was also reported to have attacked Beirut’s southern suburbs, including a site adjacent to Rafiq Hariri International Airport.

The attacks came after the regime issued short-notice evacuation orders apparently directed at the residents of the areas, claiming that the areas contained facilities belonging to Lebanon’s Hezbollah resistance movement.

Tel Aviv has been using similar claims on countless occasions since last October, when it markedly intensified its deadly acts of aggression against Lebanon, in order to try to justify the escalation. Hezbollah has, however, invariably refuted the claims.

Also on Wednesday, the United Nations warned in its most recent flash report on the humanitarian crisis caused by the Israeli atrocities targeting Lebanon that the aggression had “reached a critical point.”

The attacks have claimed the lives of more than 3,000 people, which was “58 percent more than the 1,900 fatalities” that were caused by the regime’s 2006 war against Lebanon, the report said.

“Additionally, an estimated 1.3 million people have been displaced, both within Lebanon and into neighboring countries, 33 percent more than the number of people displaced in 2006,” it added.

Women comprised the majority of those who had been rendered homeless within Lebanon as a result of the Israeli attacks, the report noted.

It also regretted that the Israeli attacks had featured 78 assaults on healthcare facilities across the country that had claimed the lives of 130 health workers and injured 111 others.

In response to the aggression, Hezbollah has been staging hundreds of retaliatory strikes against the occupied Palestinian territories and the Israeli forces trying to advance on southern Lebanese areas.

The movement has vowed to sustain its strikes until the regime ends the escalation.

Mangaluru: The Ullal police have arrested Manohar, the owner of Vazco Beach Resort, and its manager Bharath in connection with the drowning of three college girls from Mysuru at the resort’s swimming pool on November 17.

City Commissioner of Police Anupam Agrawal confirmed the arrests, stating that a case has been registered under Section 106 of BNS. The bodies of the victims, all in their twenties, have been handed over to their parents. The women had arrived at the resort for a weekend getaway on November 16.

Following the tragic incident, the resort was sealed by officials led by Mangaluru Assistant Commissioner Harshavardhan. The trade license of the resort, issued on June 13, 2024, has been suspended, and the tourism department has temporarily revoked the resort's registration. These actions prohibit the resort from engaging in any tourism-related activities until further notice.

Someshwara TMC Chief Officer stated that the suspension was due to the resort's failure to implement adequate safety measures, which resulted in the loss of three lives. Further investigations are underway.