BENGALURU -- Companies under Indian conglomerate Adani Group lost as much as $26.5 billion in market value on Thursday, after a U.S. federal court indicted billionaire tycoon, Gautam Adani, accusing him of bribing Indian government officials in exchange for solar energy contracts.
Shares in group companies fell sharply, with that of flagship company Adani Enterprises closing down 22.6% on the benchmark BSE. Shares in Adani Green Energy, which operates runs renewable energy projects, including in solar power, lost 18.8%, while Adani Energy Solutions slid 20%. Shares in eight other companies also tumbled.
