<p>Stocks and bonds of India's Adani Group dropped for a second session on Friday after a US arrest warrant was issued for its billionaire founder <a href="https://www.deccanherald.com/tags/gautam-adani">Gautam Adani </a>over an alleged $265 million bribery scheme.</p>.<p>Adani Green Energy, the company at the centre of the case, led losses, tumbling 8.6 per cent while Adani Energy fell 5.6 per cent.</p>.<p>US prosecutors have charged Adani and seven other people with agreeing to pay bribes to Indian government officials to obtain contracts that could yield $2 billion of profit over 20 years as well as to develop India's largest solar power plant project.</p>.<p>Adani Group said the accusations levelled by US federal prosecutors as well as by the US Securities and Exchange Commission in a parallel civil case are "baseless and denied" and that it will seek "all possible legal recourse".</p>.Explained | How billionaire Gautam Adani's alleged bribery scheme took off and unravelled.<p>Adani Ports and Special Economic zone debt maturing in 2027 traded at 91.5c on the dollar, down more than a cent on the day and more than 4c below Wednesday prices.</p>.<p>Longer-dated maturities have fallen around 5c in two days and trade near 80c.</p>.<p>The conglomerate's stocks lost about $27 billion in combined market value on Thursday.</p>.<p>Two major Adani deals have also been hit.</p>.<p>Kenya has cancelled a procurement process worth nearly $2 billion that had been widely expected to award control of the country's main airport to the Adani Group.</p>.<p>It also nixed a separate 30-year, $736-million public-private partnership deal that an Adani Group firm signed with the energy ministry last month to construct power transmission lines.</p>.<p>"India's renewable energy sector, a critical pillar for global climate goals, may face reduced international investment as a result of this controversy," said Nimish Maheshwari, an independent analyst who publishes on Smartkarma.</p>.<p>"Investors may demand greater transparency and due diligence, slowing down the pace of project financing."</p>.<p>Adani Green also cancelled a scheduled $600 million US bond sale.</p>.<p>US prosecutors say Adani, his nephew Sagar Adani and others bribed Indian officials to gain business advantages in renewable energy projects in India that benefitted Adani Green and a company called Azure Power, which was listed on the New York Stock Exchange until late 2023.</p>.<p>They are also accused of making misleading statements to the public including US investors despite being made aware of the US investigation in 2023.</p>.<p>CreditSights said that there were negative credit implications for all bonds issued by the Adani Group with those for Adani Green having the most downside potential.</p>.<p>The Adani Group is a major corporate presence in its home market. That said, Citigroup analysts estimated Indian banks' exposure to the group was less than 1 per cent of total loans for most lenders. </p>
<p>Stocks and bonds of India's Adani Group dropped for a second session on Friday after a US arrest warrant was issued for its billionaire founder <a href="https://www.deccanherald.com/tags/gautam-adani">Gautam Adani </a>over an alleged $265 million bribery scheme.</p>.<p>Adani Green Energy, the company at the centre of the case, led losses, tumbling 8.6 per cent while Adani Energy fell 5.6 per cent.</p>.<p>US prosecutors have charged Adani and seven other people with agreeing to pay bribes to Indian government officials to obtain contracts that could yield $2 billion of profit over 20 years as well as to develop India's largest solar power plant project.</p>.<p>Adani Group said the accusations levelled by US federal prosecutors as well as by the US Securities and Exchange Commission in a parallel civil case are "baseless and denied" and that it will seek "all possible legal recourse".</p>.Explained | How billionaire Gautam Adani's alleged bribery scheme took off and unravelled.<p>Adani Ports and Special Economic zone debt maturing in 2027 traded at 91.5c on the dollar, down more than a cent on the day and more than 4c below Wednesday prices.</p>.<p>Longer-dated maturities have fallen around 5c in two days and trade near 80c.</p>.<p>The conglomerate's stocks lost about $27 billion in combined market value on Thursday.</p>.<p>Two major Adani deals have also been hit.</p>.<p>Kenya has cancelled a procurement process worth nearly $2 billion that had been widely expected to award control of the country's main airport to the Adani Group.</p>.<p>It also nixed a separate 30-year, $736-million public-private partnership deal that an Adani Group firm signed with the energy ministry last month to construct power transmission lines.</p>.<p>"India's renewable energy sector, a critical pillar for global climate goals, may face reduced international investment as a result of this controversy," said Nimish Maheshwari, an independent analyst who publishes on Smartkarma.</p>.<p>"Investors may demand greater transparency and due diligence, slowing down the pace of project financing."</p>.<p>Adani Green also cancelled a scheduled $600 million US bond sale.</p>.<p>US prosecutors say Adani, his nephew Sagar Adani and others bribed Indian officials to gain business advantages in renewable energy projects in India that benefitted Adani Green and a company called Azure Power, which was listed on the New York Stock Exchange until late 2023.</p>.<p>They are also accused of making misleading statements to the public including US investors despite being made aware of the US investigation in 2023.</p>.<p>CreditSights said that there were negative credit implications for all bonds issued by the Adani Group with those for Adani Green having the most downside potential.</p>.<p>The Adani Group is a major corporate presence in its home market. That said, Citigroup analysts estimated Indian banks' exposure to the group was less than 1 per cent of total loans for most lenders. </p>