PM should have spoken truth in last I-DAY address: Cong

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.

After the US prosecutors charged Gautam Adani with bribery and fraud, Congress reiterated its call for a Joint Parliamentary Committee (JPC) probe into the transactions of the Adani group, and hit out at Prime Minister Narendra Modi, alleging an "internal nexus" between him and "his favourite businessman."

Senior Congress leader Jairam Ramesh said the indictment of Gautam Adani and others by the US Securities and Exchange Commission validates his party’s call for a Joint Parliamentary Committee investigation.

The Congress has been pushing for the probe since January 2023, raising concerns over alleged irregularities involving Adani and his business dealings, said Ramesh.

Ramesh referred to the party’s “Hum Adani ke Hain” series, where 100 questions were raised about the alleged scams and the links between Prime Minister Narendra Modi and Gautam Adani.
He noted that the questions remain unanswered, reiterating the need for accountability in the matter.

The US prosecutors have charged Adani with deceiving investors by concealing information about his firm's solar energy project in India, which allegedly involved bribery.

Adani has been charged with securities fraud and conspiracy, according to an indictment unsealed on Wednesday. The case focusses on an agreement between Adani Green Energy Ltd. and another organisation to supply 12 gigawatts of solar power to the Indian government.

'BETRAYAL OF INDIAN INVESTORS'

Congress leader Pawan Khera described the allegations against Gautam Adani and his conglomerate as a “betrayal of Indian investors.”

Taking to X, Khera outlined the US charges, including claims that Adani’s group bribed Indian government officials between 2020 and 2024 to secure contracts. Citing media reports, he also pointed out that Gautam Adani personally met a government official to advance the scheme.

Khera referred to a March 2024 incident where the Adani Group allegedly misled the Bombay Stock Exchange and the National Stock Exchange, calling it a “grave violation of investor trust.”

He further highlighted a March 2023 FBI raid on the premises of Sagar Adani, Gautam Adani’s nephew, where electronic devices were seized as part of the investigation.

'SEBI NOT ABLE TO PROVE ANY CHARGES AGAINST ADANI'

Shiv Sena (UBT) leader Priyanka Chaturvedi criticised central probe agencies following US charges against Gautam Adani and others in an alleged bribery case linked to solar energy contracts.

Chaturvedi raised concerns about corporate governance and regulatory oversight in the country. “They talk about corporate governance, responsibility, and accountability. The industrialists should be asked to follow the rules and regulations, but even the agencies were defending him. The SEBI has not yet been able to prove charges against him,” she said, pointing to what she viewed as failures in ensuring accountability.

'BROUGHT DISREPUTE TO INDIA'

On US charges against Gautam Adani, AAP leader Sanjay Singh called for a probe against the industrialist. He said that the probe should be conducted by an investigation agency under the Supreme Court.

"Adani Group has brought disrepute to India. This is a very serious matter. The PM of India should come forward and answer this. All the pending matters against Adani should be probed by an investigation agency under Supreme Court monitoring, and all the corruption done by him, within and outside the country, should come out before the country and action should be taken against him," he said.

BJP DFENDS

BJP IT cell chief Amit Malviya responded sharply to the Opposition’s criticism regarding allegations involving Adani Green Energy and US-based Azure Power. He pointed out that the charges in the indictment are only allegations and emphasised, “The defendants are presumed innocent unless and until proven guilty.”

Malviya argued that the crux of the case concerns agreements to supply 12 GW of power to the Solar Energy Corporation of India (SECI), contingent on SECI securing power purchase agreements with state electricity distribution companies (SDCs).

The Karnataka Police’s Anti-Naxal Force (ANF) achieved a major breakthrough on Monday night by eliminating Vikram Gowda, one of Karnataka’s most wanted Naxal leaders for over two decades. The encounter occurred in the dense Kabbinale forest of Udupi district, marking a significant victory against Naxal insurgency in the region.

Who Was Vikram Gowda?

Hailing from Hebri in Udupi, Vikram Gowda, 44, was a prominent figure in the Naxal movement. He went underground in 2002, initially serving as a courier and fund collector before rising to lead a breakaway Naxal group. Despite having only a fourth-grade education, he was a staunch advocate for tribal rights and a key player in the movement’s survival in Karnataka.

Bounty: ₹3 lakh from Karnataka and ₹50,000 from Kerala.

Legacy: The last major Naxal leader in Karnataka after the 2021 arrest of B G Krishnamurthy.

The Encounter

Police revealed that Gowda and his team visited Kabbinale village to collect groceries on Monday night. Acting on a tip-off, ANF ambushed the group. When the Naxals opened fire, ANF responded, leading to Gowda's death.

Escapees: Three Naxals fled, including prominent members Latha (aka Mundgaru Latha) and Raju.

Significance: This was the first Naxal casualty in Karnataka in over two decades.

Home Minister G. Parameshwara confirmed the operation, stating, “Gowda was elusive for 20 years, escaping multiple encounters. His death is a critical step in dismantling Naxal operations in the region.”

The Decline of Naxal Activity in Karnataka

Karnataka's Naxal movement has been dwindling, with members seeking refuge in Kerala and Tamil Nadu. The group’s strength had reduced to just 19 members by 2018, but recent sightings indicate attempts at revival:

2023 Activity: Reports of Gowda-led movements in the Kodagu and Hassan districts reignited concerns.

Political Heat: The BJP criticised the Congress government, alleging it created a “safe haven” for Naxals.

A Glimpse into Gowda’s Past

Personal Life: Gowda’s ex-wife, Savitri (alias Rajita), was arrested in 2021. She was a senior Naxal commander involved in insurgency since 2004.
Rehabilitation Efforts: Since 2013, Karnataka’s rehabilitation policy has seen 14 Naxals surrender and reintegrate into mainstream society.

A Milestone in Karnataka’s Fight Against Insurgency

The operation signifies a decisive blow to Naxal resurgence in the Western Ghats. While the ANF continues its search for escapees, the Karnataka government reaffirmed its commitment to offering rehabilitation to those willing to surrender.

As Karnataka celebrates this triumph, the message is clear: there is no room for insurgency in the state.