Adani Group has cleared the air on the indictment of Indian billionaire Gautam Adani by a federal grand jury in the United States over fraud allegations. In a statement on Saturday, October 23, Adani Group Chief Financial Officer (CFO) Jugeshinder Robbie Singh explained that the charges against Adani are related solely to one of its companies,

S&P Global Ratings lowered its outlook on three Adani Group entities to 'negative' from 'stable' on Friday, citing risks to funding access following a U.S. indictment of the conglomerate's billionaire founder,

Bonds issued by the Adani Group dropped sharply for a second day on Friday, although some of its shares stabilised after steep losses the previous day following news of the warrant. Some global banks are considering temporarily halting fresh credit to the Adani Group but maintaining existing loans after the U.

Both Gautam Adani and his nephew Sagar Adani, a director at Adani Green Energy Ltd, have been summoned by the US Securities and Exchange Commission (SEC) to respond to the charges within 21 days.

Indian billionaire Gautam Adani, one of the world’s richest people, was indicted by U.S. prosecutors for his alleged role in a $265 million bribery scheme, plunging his conglomerate deep into crisis for the second time in two years.