Children, women among 90 dead, over 300 injured in stampede at Ramadan charity event

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.

Mangaluru: Six youths including teenagers have been arrested by the Bantwal Rural Police in connection with a brutal assault on 21-year-old Aboobakar (name changed to hide identity), an incident that was widely shared on social media after footage revealed the victim tied to a pole and violently beaten.

The arrested individuals, all from Kanchinadkapadavu, Sajipanadu village in Ullal Taluk, have been identified as Mohammad Sapwan (25), Mohammad Rizwan (25), Irfan (27), Anis Ahmad (19), Nasir (27), and Shakeer (18). According to police reports, the assault took place on November 7 in Kanchinadkapadavu.

The sequence of events began when Aboobakar was reportedly called to a residence in Kanchinadkapadavu by a female relative. Upon his arrival, he was confronted by the accused, who questioned his presence, tied him to a pole with ropes, and attacked him while he was shirtless. 

Aboobakar managed to file a police complaint the following day, detailing the assault. As his injuries worsened, he was admitted to a private hospital in Mangaluru.

While in the hospital, Aboobakar alleged that his attackers intended to kill him during the assault. This statement led to additional charges of attempted murder being filed. 

Police officials stated that the suspects were subsequently apprehended, charged with group assault and attempted murder, and placed in judicial custody. The investigation is ongoing, and further details are awaited.

Mangaluru: A heart-wrenching tragedy unfolded in the quiet Bellayuru village on the outskirts of Mangaluru as a man’s life ended on a railway track following an apparent double murder. Authorities from the Mulki police station identified the man as Karthik Bhat, 32, whose lifeless body was discovered on the tracks with his head positioned on the rail, indicating a tragic suicide.

Nearby, police recovered keys to a scooter and a house, which eventually led them to uncover a series of chilling events. Following the trail, officers located Bhat’s scooter parked near Mahammayi Temple. Inside the vehicle, they found documents confirming his identity, including an RC, insurance papers, and his driving license.

Their search continued to Bhat's home in Pakshikere, Kemral village, where they discovered a locked room. With the keys retrieved from the tracks, police unlocked the door, only to be confronted by a horrifying sight. The bodies of Priyanka (28) and her young son Hriday (4) lay in a pool of blood, pointing to a brutal murder that occurred just hours before Bhat’s suicide.

Initial investigations suggest Bhat, beleaguered by ongoing family disputes, committed the murders of his wife and son on the evening of November 8 before tragically ending his own life. A death note found in his diary hinted at his mental state and tragic intentions.

Priyanka’s family, residing in Shivamogga, was informed of the incident. The couple, married for six years, now leaves behind grieving relatives and unanswered questions. Police have initiated formal proceedings, collecting statements from family members as they continue their investigation into the tragic sequence of events.