The Indian giant Adani Group reported on Wednesday that it has lost about $55 billion in a stock market meltdown since its founder and other officials were charged with fraud by US prosecutors last week.
In a shocking indictment filed in New York on November 20, billionaire businessman Gautam Adani and several of his colleagues were charged with purposefully deceiving foreign investors as part of a bribery plot.
It stated that they had “devised a scheme to offer, authorise, make and promise to make bribes payments to Indian government officials” .
“Since the intimation of the US DoJ (Department of Justice) indictment, the group has suffered a loss of near $55 billion in its market capitalization across its 11 listed companies,” the corporation, which rejects the claims, said in a statement on Wednesday.
