Adani Group Denies Receiving Bribery Probe Notice From US Department Of Justice

Adani Group denies claims of receiving notice from the US Department of Justice regarding alleged bribery investigations
Gautam Adani
Gautam Adani

Adani Group clarified that it has not received any notice from the US Department of Justice about an investigation into potential bribery allegations.

On Tuesday, the conglomerate stated in an exchange filing, " it (Adani Group) has not received any notice from the Department of Justice of U.S. in respect of the allegation referred to in the said article. The Company states that the report is false."

At 10:40 am, the shares of Adani's flagship firm were trading at Rs 3,072 price level, down by more than a per cent on the National Stock Exchange.

Last week, Bloomberg News, citing individuals familiar with the situation, reported that US prosecutors have expanded their investigation on the Adani Group to examine potential bribery by the entity and the actions of Gautam Adani, the billionaire founder.

In response to the allegations, the group had stated, “We are not aware of any investigation against our chairman. As a business group that operates with the highest standards of governance, we are subject to and fully compliant with anti-corruption and anti-bribery laws in India and other countries.”

Following the allegations, several of Adani Group's dollar bonds witnessed their sharpest declines in over six months.

For instance, a note from Adani Ports & Special Economic Zone Ltd. maturing in 2041 dropped by 2.4 cents to 79.1 cents, marking its most significant decrease since August. Similarly, as per reports, a bond from subsidiary Adani Renewable Energy RJ Ltd. due in 2039 fell by 2.3 cents to 83 cents, its sharpest decline since February 2023.

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