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 stocks are likely to attract attention on Tuesday after GQG Partners, led by Rajiv Jain, reiterated its support for its Adani investments despite a $265 million bribery scandal involving Adani Green Energy employees in the US.

SECI's chairman told Reuters last month that a three-fold increase in tendering of renewable projects has left 30 GW of projects for which bidding is complete, but without buyers