Adani Group says it lost nearly $55b as US charges sparked rout

NEW DELHI, Nov 27 (AFP): India's Adani Group conglomerate said Wednesday it had lost almost $55 billion in a stock market rout since US prosecutors last week accused its founder and other officials of fraud.
The November 20 bombshell indictment in New York accused billionaire industrialist founder Gautam Adani and multiple subordinates of deliberately misleading international investors as part of a bribery scheme.
It said they had "devised a scheme to offer, authorise, make and promise to make bribes payments to Indian government officials".
The firm, which denies the charges, said in a statement on Wednesday: "Since the intimation of the US DoJ (Department of Justice) indictment, the group has suffered a loss of near $55 billion in its market capitalisation across its 11 listed companies."
Gautam Adani, 62, is suspected of having participated in the $250 million scheme in bribes to secure lucrative government contracts.
Adani Group issued a stiff denial, describing the charges as "baseless", but it triggered a heavy sell-off of Adani stocks in Mumbai last week, with multiple trading halts.
A statement on Wednesday said Adani officials are "only charged" with securities fraud, wire fraud conspiracy and securities fraud.