Skip to main content

Adani shares rally in India after founder’s US charges

Shares in Indian billionaire Gautam Adani’s conglomerate rallied on Friday to pare the previous day’s frenzied sell-off sparked by US charges alleging the tycoon paid more than $250 million in bribes to secure lucrative government contracts.

Wednesday’s bombshell indictment in New York accused Adani and multiple subordinates of deliberately misleading international investors as part of the bribery scheme.

Adani, once the world’s second-richest man, is a close ally of Hindu nationalist Prime Minister Narendra Modi and critics have long accused him of improperly benefitting from their relationship.

Shares in Adani Enterprises, his conglomerate’s main listed unit, rose nearly four per cent in morning trade, while its listed ports and power subsidiaries posted smaller gains.

A heavy sell-off of Adani stocks on Thursday triggered multiple trading halts and even after Friday’s bounce, Adani Enterprises has lost around 20pc of its market capitalisation since the indictment was released.

Adani Group issued a stiff denial of the charges against its directors on Thursday, describing them as “baseless” and announcing it would pursue “all possible legal recourse”.

India’s opposition leader Rahul Gandhi called for Adani’s arrest after the indictment was announced, but said his relationship with Modi would shield him from scrutiny.

“We demand that Adani be immediately arrested. But we know that won’t happen as Modi is protecting him,” Gandhi told reporters in New Delhi.

Wednesday’s indictment accuses Adani and multiple subordinates of paying bribes to Indian officials for solar energy supply contracts projected to generate more than $2 billion in after-tax profits.

None of the multiple defendants named in the case are in custody.

Modi’s government has yet to comment on the charges but a spokesperson for his ruling Bharatiya Janata Party (BJP), Amit Malviya, said the indictment appeared to implicate opposition parties rather than his own.

With a business empire spanning coal, airports, cement and media, Adani Group has weathered previous corporate fraud allegations and suffered a similar stock crash last year.

The conglomerate saw $150 billion wiped from its market value in 2023 after a report by short-seller Hindenburg Research accused it of “brazen” corporate fraud.

It claimed Adani Group had engaged in a “stock manipulation and accounting fraud scheme over the course of decades”.

The report also said “government leniency towards the group” had left investors, journalists, citizens and politicians unwilling to challenge its conduct.

Denying Hindenburg’s allegations, Adani called its report a “deliberate attempt” to damage its image for the benefit of short-sellers.



from The Dawn News - Home https://ift.tt/YfP0JU3

Comments

Popular posts from this blog

Dodgers’ Shohei Ohtani skipping home run derby

Baseball’s biggest star is skipping the home run derby. Shohei Ohtani confirmed after Tuesday’s win over the Diamondbacks that he will not be participating as he continues to rehab an elbow injury that has prevented him from pitching this season. “There’s been some conversations going on,” Ohtani said, according to Juan Toribio of MLB.com . “I’m in the middle of my rehab progression, so it’s not going to look like I’ll be participating.” Manager Dave Roberts said Ohtani and the club reached the decision together. Ohtani signed a historic 10-year, $700-million contract with the Dodgers after winning his second AL MVP award last season with the Angels. Despite his elbow injury, he has served as the Dodgers’ primary DH this season and been one of the most productive hitters in baseball. Ohtani entered Tuesday hitting .316/.399/.635 with a 1.034 OPS. He hit his NL-leading 27th home run in the win. Ohtani had previously participated in the Derby in 2021. Last season’s champion, Vlad...

Pakistan flag installed at UNSC as country becomes non-permanent member for 8th time

The Pakistani national flag was installed in front of the United Nations Security Council chamber, as the country began its eighth term as a non-permanent member (2025-26) of the 15-member body, according to a press release issued by the Permanent Mission of Pakistan to the United Nations on Thursday. Pakistan on Wednesday began a two-year term as a non-permanent member of the United Nations Security Council (UNSC). Elected in June to replace Japan, Pakistan now occupies one of the two Asia-Pacific seats on the UNSC. It will preside over the council in July, a key opportunity to set the agenda and foster dialogue. View this post on Instagram This marks Pakistan’s eighth term on the council, providing an opportunity to shape discussions on pivotal international issues, but also posing significant challenges. “As part of the joining ceremony, flags of the five new incoming non-permanent members — Pakistan, Denmark, Greece, Panam...

Medical supplies dispatched to snowbound Neelum valley

MUZAFFARABAD: Acting on the directives of Azad Jammu and Kashmir (AJK) Prime Minister Chaudhry Anwarul Haq, a truck carrying essential medical equipment was dispatched on Friday to support a medical mission in the snow-affected areas of Neelum Valley. The supplies included an ultrasound machine, delivery tables, delivery kits, and gynecological emergency equipment, which were urgently required to cater to medical emergencies in the snowbound villages of Halmat and Janawai in the Gurez sub-valley of Neelum. On Thursday, a seven-member emergency medical response team—comprising four male and three female doctors—was airlifted to the upper reaches of Neelum Valley using military helicopters. This collaborative effort with the Pakistan Army was initiated following reports of insufficient healthcare facilities and rising medical emergencies in these isolated areas. Road to Taobutt cleared for the first time in January amid freezing temperatures On the night of January 18, a 21-year-o...