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
November 10,2025

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Srinagar: In one of the most alarming recoveries in recent years, Jammu and Kashmir Police unearthed a massive cache of explosives — 360 kilograms of explosives (possibly ammonium nitrate), an assault rifle, one pistol and ammunition — from Faridabad in Haryana, on the outskirts of the national capital.

It was initially reported that the explosives recovered were RDX. However, Faridabad Police later clarified that it was not RDX, but 360 kg of inflammable material which is possibly ammonium nitrate.

The recovery, officials said, followed disclosures made by an arrested Kashmiri doctor, identified as Dr. Adeel Ahmad Rather, during interrogation. Acting on his information, J&K police conducted a raid at Al Falah Hospital in Faridabad, leading to the unprecedented haul of explosives.

Earlier, security agencies had seized an AK-47 rifle and ammunition from a locker belonging to Dr. Rather in a Kashmir hospital, where he was working till last year before shifting to Faridabad, indicating a wider operational footprint. Another doctor, Dr. Muzamil Shakeel, a resident of Koil in Pulwama district, has also been detained for allegedly helping stock and conceal the explosives in Faridabad.

Both suspects are currently under custody of Jammu and Kashmir police as investigators try to piece together what officials describe as a potential trans-regional terror conspiracy with grave implications for national security.

A group of doctors from Jammu and Kashmir has also come under the scanner, as security agencies suspect their links to terror outfits Jaish-e-Mohammed and so called Ghazwat-ul-Hind.

Senior security officials said the recovery points to the possibility of a major terror plot being foiled, one that could have targeted the National Capital Region (NCR) or other strategic sites in North India.

“This is not a routine recovery — it suggests deep infiltration of terror logistics networks extending beyond J&K. The use of medical professionals as facilitators adds an alarming dimension,” a senior police officer said.

Sources said security agencies are now tracing the origin of the explosives and the financial and logistical chain that enabled its movement from Kashmir to Haryana. Investigators suspect cross-border terror handlers may have coordinated the operation through encrypted communication channels, exploiting professional networks for cover.

As the investigation widens, more arrests are likely, and agencies are treating the case as a national security priority — a reminder that despite years of counter-terror successes in Kashmir, the battle has far from ended.

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News Network
November 10,2025

Guwahati: Assam Chief Minister Himanta Biswa Sarma has again made provocative remarks suggesting that Muslims in the state becoming more prosperous could signal the “surrender of the Assamese people” — a statement widely criticised as divisive and communal.

Addressing a press conference after a cabinet meeting, Sarma claimed that alongside demographic changes, Assam was witnessing an “economic shift,” with Muslims allegedly becoming wealthier. He further implied that this shift represented the beginning of “the Assamese people’s surrender.”

Citing data from 2001 to 2011, Sarma said the Hindu population growth rate was falling while the Muslim population continued to rise. “In every block of Assam, the growth of the Hindu population is coming down and the Muslim population is increasing,” he said.

The chief minister went on to link the issue to property ownership, asserting that land sales from Hindus to Muslims were disproportionately high. “We are seeing that the sale of land from Hindus to Muslims is very high, while the vice versa is less,” Sarma said, adding that such transactions are now scrutinised under a directive issued last year requiring government permission.

While claiming that his government has “no problem” with Assamese or indigenous Muslims, Sarma continued to frame economic mobility among Muslims as a threat to Assamese identity. “So far, we were thinking that only the numbers have risen, but now we see that even the wealth pattern has changed,” he said.

Critics say Sarma’s repeated references to religion in matters of demography and economy reflect a deliberate attempt to polarise communities and deepen mistrust. His comments equating Muslim prosperity with “surrender” of the Assamese people, they argue, expose the communal undercurrent in the state’s political discourse.

The chief minister said he would hold another press conference soon to “elaborate” on the matter.

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News Network
November 1,2025

Mangaluru, Nov 1: In a decisive move to bring order to the burgeoning fleet of electric auto-rickshaws, Dakshina Kannada Deputy Commissioner Darshan H V has mandated that all battery-operated autos must secure valid permits to operate within the district.

The order, which took effect today, marks a significant reversal of an earlier directive from July 26, 2024, which had granted free movement to e-autos and vehicles running on methanol and ethanol. The new rule, issued under the Motor Vehicles Act, 1988, aims to streamline traffic, enhance passenger safety, and ensure fair competition among transport operators.

Mandatory Permits and Zone-Based Operations

The new notification establishes a clear two-zone system for operations:

Zone 1 (Mangaluru City & Ullal): E-autos registered between January 20, 2002, and October 30, 2025, must apply to the Regional Transport Authority (RTA) for a permit.

Identification: These vehicles will be marked with a sky-blue, square-shaped marking and a police-issued identification number.

Operation: They must operate strictly within designated auto stands under Zone 1 limits.

Zone 2 (Rural Areas): All electric autos registered after October 30, 2025, will be considered rural permit holders.

Identification: Zone 2 autos will be distinguished by a circular yellow sticker bearing a police-issued identification number.

Operation: These vehicles are strictly prohibited from entering Zone 1 boundaries and must operate exclusively within rural limits.

Enforcement and Compliance

The DC's directive is unequivocal: "All e-autos operating without valid permits must regularise their status immediately." This push is intended to ensure "road discipline, safety, and fair competition" within the transport sector.

The new system was framed following extensive deliberations at the RTA meeting held on August 18. To ensure strict enforcement, the Mangaluru City Corporation (MCC) has been instructed to install necessary signboards, and the Deputy Commissioner of Police (Crime and Traffic Division) and the Senior Regional Transport Officer have been tasked with overseeing the effective implementation of the order across Dakshina Kannada.

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