Adani Group Denies US Bribery Allegations, Vows to Seek Legal Recourse

Gautam Adani, the billionaire founder of the Adani Group, has responded to allegations made by US authorities that he was part of a $265 million bribery scheme. The Adani Group has denied the allegations, describing them as 'baseless' and has vowed to seek 'all possible legal recourse'. The allegations have had a significant impact on the company's listed entities, with as much as $34 billion being wiped off their combined market value. However, the stocks have since recovered ground as some partners and investors have rallied behind the conglomerate. The Indian government has stated that it has not received any US request regarding the case, adding to the confusion surrounding the allegations. The Adani Group's response is seen as a move to reassure investors and the public that the company is committed to compliance and will not be deterred by the allegations. The case highlights the complexities of international business and the challenges that companies face when dealing with allegations of corruption and bribery.