US bribery taint melts Adani stocks; Kenya cancels airport, energy deals

Adani, others in $265 mn bribery case

Dawn broke on Thursday with news coming in that United States authorities had charged industrialist Gautam Adani, his nephew Sagar, and some of his associates with defrauding American investors and promising and paying bribes worth $265 million to government officials in India in return for solar energy contracts.

 

As the day progressed, the Adani group denied the charges and termed them baseless, but cancelled a $600 million bond issue, saw the shares of its companies plunge between 9 and 23 per cent, and lost Rs 2.2 trillion in market capitalisation. The BSE Sensex ended 0.54 per cent below Tuesday’s close