Adani Green Energy Ltd. cancelled its intentions to issue bonds worth $600 million in US dollars after US authorities accused Gautam Adani of engaging in a $250 million bribery conspiracy.

In its regulatory filing, the company said, “In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings.”

Adani Group Chairman Gautam Adani, his nephew Sagar Adani, and other executives were indicted by US prosecutors in New York for allegedly bribing Indian government officials with $265 million in order to get “lucrative solar energy supply contracts” with state electricity distribution companies.

The US District Court said in its order, “In or about and between 2020 and 2024, Senior executives of an Indian renewable-energy company, which was a portfolio company of an Indian conglomerate, an issuer company that operated in the renewable-energy sector whose securities were traded on the US exchange and that issuer’s largest shareholder, a Canadian institutional investor, participated in a scheme to bribe Indian government officials to ensure execution of lucrative solar energy supply contracts with Indian Government entities.”

The accusations also include attempts to thwart the course of justice by destroying electronic evidence and deceiving the FBI, Securities and Exchange Commission (SEC), and Justice Department. Apart from the criminal accusations, the SEC has also brought a civil complaint.

On Thursday, all Adani Group firms’ shares are currently trading between 10% and 20% lower from its previous close.

Today, the stock of Adani Green Energy dropped as much as 19%. At Rs 1,157.40 per share, the stock is currently down 18.07% on the NSE. Approximately 28% has been lost by the stock so far this year.

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