Adani Relinquishes ₹5,000 Crore 'Dollar Bonds' After US Indicts Company Leadership

The developments in the new chapter in the Adani Saga are coming thick and fast. As per the new reports, the United States Justice Department has indicted the Adani Group founder and seven other company associates in a bribery case involving a colossal amount of over Rs 2,000 crore.

Adani In Trouble

The US official has alleged that US investors were beguiled by the Ahmedabad-based conglomerate.

As a result of this major development, all of the Adani Group companies listed on the Indian stock exchanges also started the day's trade with deeper cuts than ever before.

As a result of this development, the group has now decided to pull itself out of a USD 600 million dollar bond; according to current exchange rates, this bond would be worth Rs 5,000 crore and above.

In a statement issued through an exchange filing, Adani Green Energy said, "The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani."

In addition, the statement further read, "The United States Department of Justice has also included our Board member, Vneet Jaain, in such a criminal indictment. In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings. You are requested to take the same on your records."

Adani Shares In Red

The US Justice Department indicted the company chairman, Gautam Adani. Along with Adani, the department also indicted SAGAR S. ADANI, VINEET S. JAIN, RANJIT GUPTA, CYRIL CABANES, SAURABH AGARWAL, DEEPAK MALHOTRA, and RUPESH AGARWAL.

The company shares, especially the group's flagship Adani Enterprises, have been trading in deep red with no signs of respite. Adani Enterprises lost 20.00 per cent, hitting the lower circuit. Adani Grene Energy's shares also declined by 18.03 per cent, taking the overall value to Rs 1,157.95.