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STORY: ::File

Indian conglomerate Adani Group lost around $27 billion in market value on Thursday (November 21), after U.S. prosecutors charged its billionaire chairman over an alleged bribery and fraud scheme.

Gautam Adani's flagship company, Adani Enterprises, closed down 23% in its worst one-day drop since February 2023 and it's lowest since November last year.

Other group firms also fell between 7 and 19%.

The U.S. indictment accuses Adani, one of the world's richest people, his nephew Sagar as well as six others of paying $265 million in bribes to Indian government officials to obtain solar energy supply contracts.

Arrest warrants have been issued in the U.S. for Adani and Sagar.

In a statement, Adani Group dismissed the accusations as "baseless and denied," and vowed to seek "all possible legal recourse."

Prosecutors also allege the Adanis and former Adani Green Energy CEO Vneet Jaain, concealed corruption from lenders and investors to secure $3 billion in loans and bonds.

Adani Green Energy, canceled plans to raise $600 million in U.S. dollar-denominated bonds after the news.

Some Adani dollar bonds also slumped, with prices down 3 cents to 5 cents.