Asia’s controversial richest man, Indian tycoon Gautam Adani, is again in the spotlight.
Jacksonville leaders say affordable Housing remains a ‘real crisis’ in cityMake household chores easier and more with these Insider DealsGive your favorite hiker an audio upgrade they can bring on the trailsIndia's opposition Congress party leader Rahul Gandhi, center, addresses the media on Indian businessman Gautam Adani, after Adani was indicted by U.S. prosecutors on charges he duped investors in a massive solar energy project in India, in New Delhi, India, Thursday, Nov. 21, 2024.
India opened up its economy in the 1990s and a new middle class emerged as tens of millions of people escaped poverty and the economy boomed, prompting Adani to bet on infrastructure and coal. The businessman's critics say much of his success stems from his close ties to the government and Modi. For example, they have accused the government of adjusting bidding rules to make it easier for Adani to win contracts to operate airports. The company denies this, saying contracts were won relatively transparently.
Last year, the Adani companies lost $68 billion in market value after short-selling firm Hindenburg Research accused Adani of “pulling the largest con in corporate history,” triggering a massive sell-off of the group's stocks.
Narendra Modi World News Environment Business
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Adani Group shares nosedive after chairman Gautam Adani charged with fraud in New YorkShares of India’s Adani Group companies plunged after its billionaire chair Gautam Adani was indicted in a New York federal court.
Read more »
India's Adani Group sees $22B in value wiped off after US indictmentsGautam Adani, Sagar Adani and Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy, and the Adanis were also charged in a US Securities and Exchange Commission civil case.
Read more »
Asia stocks dip as Nvidia brings little cheer; India slides amid Adani scandalAsia stocks dip as Nvidia brings little cheer; India slides amid Adani scandal
Read more »
Asia stocks dip as Nvidia brings little cheer; India in focus amid Adani scandalAsia stocks dip as Nvidia brings little cheer; India in focus amid Adani scandal
Read more »
Billionaire Gautam Adani charged with bribery and fraudThe indictment — against Adani and seven other defendants, including his nephew Sagar Adani — portrays Adani and his co-defendants of playing two sides of the...
Read more »
Adani investor GQG Partners' shares crash 25% — on pace for record loss after Gautam Adani's indictmentThis fall is set to be the largest one day fall since the firm’s listing on Oct. 2021, should the losses hold.
Read more »