Rajnath Singh leaves for Russia, to discuss defence and strategic partnership

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.

Bengaluru: Amidst the ongoing Waqf controversy in the state, a Vokkaliga seer has sparked controversy by suggesting the disenfranchisement of Muslims, claiming it would end vote bank politics in India.

The provocative remarks were made by Kumara Chandrashekaranatha Swami during a protest organized by the Bharatiya Kisan Sangh, a farmers’ organization with links to the RSS. The protest focused on farmers' lands being marked as Waqf properties.

"Politicians are exploiting this issue for votes. Muslims should be deprived of voting rights. This step is necessary to eliminate vote bank politics and allow India to prosper," the seer stated. He is the head of the Vishwa Vokkaliga Mahasamsthana Mutt, which was founded with support from JD(S) leader and former Prime Minister HD Deve Gowda.

The seer also made misleading claims about Pakistan, stating, “In Pakistan, minorities don’t have the right to vote. If we implement the same in India, Muslims would be isolated, and peace would prevail.” However, minorities in Pakistan have voting rights. 

Chandrashekaranatha Swami continued his criticism of the Waqf Board, accusing it of unlawfully seizing properties. “It is unjust to take someone’s property. We must ensure that the Waqf Board is abolished,” he said. He further emphasized the need for farmers' land to remain protected, even at the cost of political fallout.

Minister Condemns Remarks

Minister for Social Welfare, H.C. Mahadevappa, swiftly condemned the seer’s comments, stating, “After years of struggle, Baba Saheb Dr. B.R. Ambedkar established the principle of ‘one vote, one value.’ It is crucial for Dalits, backward communities, and minorities to understand its significance.”

He continued, "Those who spread hatred for political gain under the guise of religion must end their harmful rhetoric."

Earlier, Kumara Chandrashekaranatha Swami had stirred controversy by suggesting that Chief Minister Siddaramaiah step down to allow Deputy Chief Minister D.K. Shivakumar to assume the role of Chief Minister for the remainder of the term. The statement created a fresh political debate, raising questions about the power dynamics in Karnataka's ruling party.

The seer remarked, “Everyone has had the opportunity to hold the Chief Minister’s position, except D.K. Shivakumar. I request our experienced Chief Minister Siddaramaiah to vacate the post and bless Shivakumar with the opportunity.”