The Adani Group has launched a robust defence against US prosecutors’ bribery and securities fraud charges, categorically rejecting the allegations and pledging to pursue comprehensive legal recourse.
Adani Group dismisses US Bribery Charges
In a strongly worded statement, the Adani Group dismissed the accusations as “baseless” and reaffirmed its commitment to corporate governance and regulatory compliance. “The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations,” the company spokesperson declared.
Citing the US Department of Justice’s own language, the group emphasized that the charges remain allegations, and the defendants are presumed innocent until proven guilty. “All possible legal recourse will be sought,” the statement added.
Adani Group stocks plunge amid charges
The denial comes amid significant market turbulence. Adani Enterprises experienced a dramatic 23% stock plunge during Thursday’s trading session, with the group’s market capitalization plummeting over Rs 2 lakh crore.
This marks the conglomerate’s worst trading day since the Hindenburg crisis in January 2025.
Here’s what the US prosecutors said:
US prosecutors have accused Gautam Adani, his nephew Sagar Adani, and six others of orchestrating a complex bribery scheme. The allegations suggest the payment of Rs 2,029 crore ($265 million) in bribes to Indian government officials between 2020 and 2024, aimed at securing solar power contracts potentially worth $2 billion.
The indictment reveals intricate details of the alleged scheme, including encrypted communications and the use of code names like “Numero Uno” for Gautam Adani. These accusations echo the January 2023 Hindenburg Research report, which previously accused the group of stock manipulation and fraud, resulting in a $150 billion market value loss.
The timing and specificity of the charges add significant pressure to the Adani Group, which now faces the challenge of defending its reputation in both international and domestic markets.
Will there be legal battle between US and Adani?
As the legal battle prepares to unfold, investors, market analysts, and stakeholders will be closely monitoring the group’s response and the potential implications for its global business operations.
The Adani Group’s steadfast denial sets the stage for what promises to be a complex and closely watched legal confrontation.
