Adani gets 3 shocks at once, plan to raise $600 million cancelled, Kenya deal also cancelled and…

New Delhi: After facing the wrath of American short seller firm Hindenburg last year, Indian billionaire Gautam Adani has once again been hit by an American bomb. The US Justice Department and SEC have alleged that he offered bribes to Indian officials to get his company Adani Green Energy a contract for a solar energy project. After this news, it was as if a tsunami hit the companies of the Adani Group and they fell by 20 per cent. This news from the US has given not one but three shocks to Gautam Adani. Let’s know how and where?

Why is Gautam Adani surrounded in America?

First of all, let’s talk about the allegations with which Gautam Adani is surrounded in America. So let us tell you that during the hearing in the Federal Court of New York in America, Gautam Adani’s company has been accused of cheating investors in the US and giving a huge bribe to Indian officials to get a solar energy contract.

It is alleged that between 2020 and 2024, a bribe of $265 million (about Rs 2236 crore) was given to Indian officials through the wrong route to get this solar project for Adani Green and Azure Power Global. Not only this, it is being said that the matter of bribe was hidden from the American company i.e. Azure Power Global. Through this contract, a profit of more than two billion dollars was estimated in 20 years and loans and bonds were raised by making false claims to take advantage of it.

First blow – tsunami in shares
The first effect of the news of investigation and allegations in America was seen on the shares of Adani Group, which was exactly the same as was seen in January 2023 last year after the publication of Hindenburg’s research report. All the shares of Adani fell by 20 percent and many hit lower circuit. On the last trading day, Thursday, due to the collapse of the stocks of the companies, they suffered a huge loss of Rs 2.5 lakh crore, while on Friday also many shares of the company started trading with a decline. If seen, the market cap of Adani Group has come down by about Rs 3 lakh crore in these two days. Its effect has also been seen on Gautam Adani Net Worth, according to the Bloomberg Billionaires Index, it has come down to $ 85.5 billion.

Second blow – plan to raise 600 million cancelled
Now let’s talk about the second effect of the news of the US investigation, so let us tell you that in the bribery case, the New York court has accused 7 people including Gautam Adani, his nephew Sagar Adani of fraud and bribery worth billions of dollars. It has been claimed that they gave a bribe of $ 265 million to Indian officials to get a contract related to solar energy in India. After this, Adani Group cancelled its plan to raise funds through bonds. It is worth noting that Gautam Adani’s company had planned to raise $600 million through bonds, but after the allegations in the US, the group issued a statement and announced the cancellation of this plan. Let us tell you that even after the Hindenburg report came, Adani Group had canceled its plan to raise Rs 20000 crore through its FPO.

Third blow – Deal with Kenya canceled
Gautam Adani’s third blow has come from Kenya. Which has canceled its two big deals with Adani Group. The price of the first canceled deal was $ 700 million, which included the construction of power transmission lines. At the same time, the price of the second deal was $ 1.8 billion, which was for an international airport. Let us tell you that there was a Chinese company competing for these contracts. However, analysts say that the reason for the cancellation by Kenya could be the geopolitical narratives fabricated by China-backed US deep-state organizations.