NEW DELHI – Proceedings in India’s Lower House of Parliament were suspended for a second consecutive day on November 27 as opposition lawmakers demanded a discussion on the recent US indictment of billionaire Gautam Adani. The controversy has sparked political turmoil and weighed on Adani Group’s market value.
US authorities last week accused Gautam Adani, his nephew Sagar Adani, and Adani Green managing director Vneet S. Jaain of paying $265 million in bribes to secure Indian power supply contracts and misleading American investors. The Adani Group has denied the charges, calling them “baseless,” and vowed to pursue “all possible legal recourse.”
The opposition Congress party, led by Rahul Gandhi, has accused Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) of shielding Adani and blocking domestic investigations into alleged misconduct. “The gentleman has been indicted in the United States, and the government is protecting him,” Gandhi said outside Parliament, calling for Adani’s arrest.
The BJP has distanced itself from the controversy, stating that it considers industrialists partners in development but maintains that Adani must defend himself. “The law will take its course in case of wrongdoing,” BJP spokesperson Gopal Krishna Agarwal said.
Amid the political fallout, shares of Adani Group companies recovered $9 billion in market value on November 27, after losing up to $34 billion in the wake of the indictments. Adani Green, the company most affected, saw its shares jump 9%, though its market value remains down by $8 billion.
Meanwhile, French energy giant TotalEnergies, which owns a 20% stake in Adani Green, announced it would suspend further investments in the group and claimed it was unaware of the US allegations. Kenya also canceled a $2 billion airport procurement deal previously expected to involve Adani Group.
The allegations represent a major setback for the Adani conglomerate and its founder, whose reputation and financial empire face mounting pressure as investigations proceed.