Adani Group in Crisis: $30 Billion Wiped Out after US Bribery and Fraud Charges Emerge

News Network
November 21, 2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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News Network
July 8,2025

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Mangaluru, July 8: In a significant employment push for the region, the Employment Linked Incentive (ELI) Scheme, introduced by the central government through the Employees' Provident Fund Organisation (EPFO), is expected to generate 20,000 to 25,000 new jobs in Dakshina Kannada district.

Announcing this at a press meet on Monday, Rajib Mukherjee, Regional Commissioner of EPFO Mangaluru, said the initiative targets 2,500 to 3,000 establishments in the district, with a major focus on boosting employment and social security, particularly in the manufacturing sector.

"The ELI scheme is designed not only to support first-time job seekers but also to incentivize employers for generating sustainable employment," Mukherjee said.

Key Highlights of the Scheme:

•    For first-time employees, the government will provide EPF wage support of up to ₹15,000, disbursed in two installments.

•    Employers who create new jobs will receive incentives of up to ₹3,000 per new hire per month for a duration of two years.

•    In the manufacturing sector, these incentives will continue for an additional two years (years three and four), encouraging long-term hiring.

Wider Goals and Eligibility:

The ELI scheme is part of the Prime Minister’s five-scheme package announced in the 2024–25 Union Budget, which aims to generate 3.5 crore jobs across India over two years.

•    The benefits will apply to jobs created between August 1, 2025, and July 31, 2027.

•    Employees with a monthly salary of up to ₹1 lakh are eligible.

•    Employers hiring within this salary range are eligible for government subsidies, provided the job is retained for at least six months.

Awareness and Outreach:

EPFO is conducting awareness camps across Dakshina Kannada to inform businesses and job seekers about the scheme’s benefits and application process.

Officials U Panduranga Kini, Nagendra Babu Gutti, Benny Lobo, and Anita R were also present at the briefing.

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News Network
July 6,2025

Mangaluru, July 6: MLC Ivan D’Souza has urged the Karnataka government to convene a Cabinet meeting in Mangaluru, calling it crucial to address long-pending developmental and administrative issues in the coastal districts of the state.

Speaking to the media, D’Souza pointed out that the government has already conducted Cabinet meetings in Chamarajanagar, Nandi Hills, and Kalaburagi, with the next session scheduled in Vijayapura. He said it's high time the coastal belt — especially Dakshina Kannada and Udupi — received the same level of attention.

“A Cabinet session in Mangaluru would bring state-level focus to the unique challenges and aspirations of the coastal region,” he said.

D’Souza added that he would raise the demand formally in the upcoming Legislature session and personally meet Chief Minister Siddaramaiah to push for it.

Key Demands Highlighted by Ivan D’Souza

Renaming Dakshina Kannada as ‘Mangaluru’:

The MLC said there is broad consensus among political and social leaders on renaming the district to reflect its global identity.

“Across the world, people identify the district as ‘Mangaluru’. It’s time we create Brand Mangaluru,” he said.

Boosting Coastal Tourism and Fisheries:

Despite prior discussions, no major tourism projects have been announced for the region. D’Souza called for focused investment in both tourism and fisheries.

Special Package for Mangalore University:

Calling it an educational hub, D’Souza demanded a dedicated development package for Mangalore University to address infrastructural and academic needs.

Mangaluru Airport Development:

He criticised the lack of development at Mangaluru Airport, despite its international status, and called for urgent upgrades.

Addressing Sand and Red Stone Shortage:

D’Souza highlighted the construction delays due to raw material shortages and urged the government to simplify related legal procedures.

Why It Matters

D’Souza said a Cabinet meeting in Mangaluru would allow ministers to engage directly with local stakeholders and address region-specific concerns that have been neglected by successive governments.

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News Network
July 8,2025

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Mangaluru, July 8: The Tulupara Horata Samiti (Tulu Movement Committee) has urged the Karnataka government to rename Dakshina Kannada district as 'Mangaluru District' to reflect its historical and cultural identity.

Addressing a press conference today, committee leader Dayananda Kattal Sir stated that a non-partisan committee has been formed to spearhead the movement for renaming, uniting individuals across political lines. No specific office-bearers have been appointed to maintain neutrality and inclusiveness.

He emphasized that the region traditionally known as Tulu Nadu encompasses present-day Dakshina Kannada, Udupi, and parts of Kasaragod. This cultural and linguistic zone has been historically recognized in ancient Tamil Sangam literature, particularly in verse 13 of the poetic anthology Agananooru, dating back nearly 2,000 years.

Dayananda highlighted that successive dynasties—Alupas, Pallavas, Hoysalas, Vijayanagara kings, and the Keladi rulers—have all historically referred to this region using names like Tulu Vishaya, Tulu Desa, and Tulu Rajya.

During the Vijayanagara Empire, the area was administratively divided into the Mangaluru State and Barkuru State, further affirming the historical importance of the name Mangaluru.

Adding to this legacy, several foreign scholars and historians have mentioned Mangaluru in their writings. He also recalled that in 1931, when noted leader S. U. Paniyadi proposed the name Tulu Nadu District in the District Council, a counter-suggestion arose from fellow members to name the district Mangaluru instead.

The committee believes it is now time to recognize the historic and cultural continuity of the region by officially renaming Dakshina Kannada as Mangaluru District.

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