In the wake of U.S. bribery allegations against top executives of India’s Adani Group, the country faces a reckoning with an economic model that has allowed a small group of entrepreneurs to grow fabulously rich.

The rating agency cites governance concerns and potential operational disruptions following the indictment of Adani’s chairman and senior executives over bribery charges

Adani Group faces a potential debt downgrade after US bribery charges led to canceled deals and investor distrust.

US prosecutors have indicted Gautam Adani, his nephew Sagar and other defendants for paying over USD 250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts can be Credit Negative for the group companies.