STOCK ROUT AND FALLOUT
The US indictment has jolted Adani Group debt and equity. Adani Group bonds dropped for a second session after the news. However, stocks in the conglomerates’ companies stabilised on Friday, a day after nearly US$27 billion was knocked off from the combined market value of those shares.
In a major blow, Kenya ordered the cancellation of Adani infrastructure deals worth over US$2.5 billion. And back in India, opposition parties have demanded a probe into allegations of wrongdoing and said they would raise the issue in parliament.
WHAT NEXT FOR ADANI, LEGAL OPTIONS
A key question is what is next for Gautam Adani? He is charged with foreign bribery, securities fraud, securities fraud conspiracy and wire fraud conspiracy.
Adani has not been arrested and his whereabouts are unknown, though he is believed to be in India.
A trial could still be a long way off, even if Adani is extradited or surrenders in the US.
If convicted, Adani could face decades in prison as well as monetary penalties, though any sentence would ultimately be up to the judge overseeing the case.
Source: CNA
