Gautam Adani’s net worth declines by $12 billion amid bribery case

They say every cloud has a silver lining, but for Gautam Adani, the clouds of controversy alleging bribery charges seem to have cast a shadow too dense to let any light through. The accusations have not only raised questions about corporate governance but also dented investor confidence in one of India’s most influential business empires.
Allegations of bribery have not just dented the companies listed under the huge conglomerate but have also affected Gautam Adani’s net worth. The allegations have triggered a freefall with Gautam Adani’s net worth falling by $12 billion in a single day.
The allegations, made by US prosecutors, have sparked concerns over corporate governance and shaken investor confidence in the Adani Group’s sprawling empire.
Adani’s wealth, which stood at $69.8 billion, has now fallen to $58.5 billion, moving him down from 22nd to 25th on Forbes’ Real-Time Billionaires List.
The Adani Group has strongly denied allegations of bribery and securities fraud levelled by US prosecutors against its chairman, Gautam Adani, and other key executives.
The group dismissed the charges as “baseless” and maintained that it operates with the highest standards of integrity and compliance. It further stated its intent to explore all possible legal remedies to address the accusations.
“As stated by the US Department of Justice itself, “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought,” the Adani Group spokesperson said.
US prosecutors have accused Gautam Adani, his nephew Sagar Adani, and other executives of orchestrating a bribery scheme between 2020 and 2024. The charges allege that Adani and his associates paid over $250 million in bribes to Indian government officials to secure solar energy contracts. These contracts, worth $2 billion in profits, were allegedly part of a broader plan to manipulate government decisions and mislead financial institutions.
Adani Green Energy, one of the group’s key companies, is also accused of raising over $3 billion through loans and bonds by issuing false and misleading statements to investors. The US Department of Justice has issued arrest warrants for Gautam Adani and Sagar Adani, seeking international law enforcement assistance.
The US Securities and Exchange Commission (SEC) has filed civil charges against the group, further intensifying scrutiny of its governance practices.
The indictment had an immediate impact on financial markets. Adani Group stocks nosedived, with three major companies — Adani Green Energy, Adani Ports, and Adani Energy Solutions — hitting the lower circuit limit of 20%.
The total market value of the Adani Group’s 10 listed companies fell by Rs 2 lakh crore on Thursday, marking their worst trading day since the Hindenburg Research report in early 2023.
Adani’s dollar bonds also suffered, with debt maturing in 2027 and 2030 trading at levels just above 80 cents on the dollar. Moody’s Ratings described the news as “credit negative,” raising concerns about the group’s governance and ability to secure liquidity.
This latest controversy is the second major blow to Gautam Adani’s financial empire in two years. In early 2023, the Hindenburg Research report accused the group of stock manipulation and financial misconduct. That report wiped $80 billion off Adani’s personal wealth and erased over $150 billion in market value from his companies.
In the aftermath of the Hindenburg allegations, the group focused on repaying debts and restoring investor confidence. By mid-2024, Adani’s net worth had recovered to over $100 billion, briefly making him India’s second-richest man, behind Mukesh Ambani.