Gautam Adani at Adani Group headquarters in Ahmedabad in May.
Photographer: Sumit Dayal/BloombergThe Big Take
How Adani’s Indictment Rocked His Empire and What Comes Next
US Justice Department bribery charges against the Indian tycoon have sent his conglomerate’s stocks and bonds tumbling. The implications for US-India relations stretch much further.
Gautam Adani, one of the world’s richest people, was in good spirits Wednesday evening. Earlier in the day, the Indian billionaire’s green energy business had raised $600 million through a bond sale. Before heading to bed in the city of Ahmedabad, he relaxed by playing a card game with his wife, according to a person close to him.
But around 3 a.m., a colleague delivered some shocking news: The US had charged Adani and several associates with fraud in a sprawling criminal investigation.