Shares of Indian billionaire Gautam Adani's company, Adani Group, tanked following allegations of a $250 million bribery scheme to secure government contracts.

A U.S. indictment released on Wednesday accused Adani and his associates of misleading international investors as part of the scandal.

PHOTO | COURTESY Adani group

Adani, once ranked the world’s second-richest person, has been a close ally of Prime Minister Narendra Modi. Critics have often alleged that his business success is tied to this relationship.

Following the news, Adani Enterprises—the flagship unit—saw its shares drop over 4% on Friday, with similar declines in its ports and power subsidiaries.

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The sell-off accelerated on Thursday, triggering multiple trading halts. Adani Enterprises has since lost over 25% of its market value. In response, the group dismissed the charges as "baseless" and announced plans to explore legal options.

The indictment alleges Adani and his team bribed Indian officials to secure solar energy contracts expected to yield over $2 billion in profits. Despite the gravity of the accusations, none of the individuals named have been detained.

PHOTO | COURTESY Adani CEO 

Opposition leader Rahul Gandhi called for Adani’s immediate arrest, accusing Modi of shielding him. Meanwhile, the ruling BJP’s spokesperson Amit Malviya suggested the allegations implicate opposition parties rather than the government.

Adani Group has faced similar scrutiny, including a devastating 2023 report by Hindenburg Research that alleged corporate fraud and stock manipulation. The report wiped $150 billion off Adani’s market value.