Fri Nov 22 08:15:15 UTC 2024: ## Adani Scandal Triggers Market Sell-off, Other Indian Businesses Make Headlines
**Mumbai, India** – A major scandal involving Adani Group has sent shockwaves through the Indian stock market. US authorities have charged Gautam Adani, his nephew Sagar Adani, and associates with investor fraud and paying $265 million in bribes to Indian officials for solar energy contracts. In response, Kenyan President William Ruto cancelled several Adani Group projects, including a $736 million power transmission project and a deal to manage the country’s main airport. This led to a sharp selloff in Adani Group stocks, slashing the Adani family’s net worth by 20.1 percent to ₹7.8 trillion. The indictment also caused Vedanta to delay a dollar bond issuance, citing concerns about increased borrowing costs for Indian firms. Adani Green Energy also withdrew its own dollar bond offering.
Meanwhile, other Indian businesses made significant announcements. Hyundai Motor India plans to build two renewable energy plants in Tamil Nadu to achieve 100% renewable electricity by 2025. Tata Power secured a preliminary agreement with the Asian Development Bank for $4.25 billion in financing for clean energy projects. Raymond received approval for its proposed demerger from its real estate arm. LIC increased its stake in LTIMindtree to 7.034 percent, demonstrating confidence in the company’s growth. NSE Investments will sell up to 20.31 percent of its stake in Protean eGov Technologies through an offer for sale. Finally, Afcons Infrastructure secured a ₹1,274 crore contract for infrastructure development in Uttarakhand, and SJVN signed an MoU with Rajasthan to develop renewable energy projects.
First Piper 