US indictment of Indian tycoon Adani spooks investors; bonds fall again

Gautam Adanihis nephew Sagar Adani and former Adani Green Energy CEO Vneet Jaain also raised more than $3 billion in loans and bonds by concealing corruption from lenders and investors, prosecutors said.

Adani Group said on Thursday that the allegations made by the US Department of Justice and the US Securities and Exchange Commission in a parallel civil case were “baseless and dismissed” and that it would pursue “all possible legal avenues”.

“The Adani Group has always supported and is strongly committed to maintaining the highest standards of governance, transparency and regulatory compliance in all jurisdictions of its operations.

“We assure our stakeholders, partners and employees that we are a law-abiding organization that fully complies with all laws.”

Kenya on Thursday canceled a nearly $2 billion procurement process that was expected to give control of the country’s main airport to the Adani group.

The Adani Group is a major corporate presence in its home market. Citigroup analysts, however, estimated that Indian banks’ exposure to the group was less than 1 percent of total loans for most lenders.