The Adani Group has consistently denied these allegations, labeling them as baseless. In an official statement, the conglomerate emphasized its commitment to maintaining the highest standards of governance, transparency, and regulatory compliance across all jurisdictions. The group also announced its intention to pursue all possible legal recourse to defend its position.
The indictment had significant repercussions for the Adani Group's financial standing. Following the charges, the conglomerate canceled a $600 million bond offering, citing legal developments. Shares of Adani Group companies experienced substantial declines, with Adani Green Energy's stock dropping by 18% on the Bombay Stock Exchange. The broader market value of Adani Group companies decreased by approximately $26 billion.
The allegations also had international implications. Kenya canceled a substantial airport project with the Adani Group, and other countries, including Sri Lanka and Bangladesh, began reviewing projects linked to the conglomerate. In India, the accusations sparked political turmoil, with opposition parties demanding a thorough investigation into the Adani Group's activities and accusing the government of shielding the conglomerate.