The Adani Group issued a media statement on Thursday, November 21, after a US District Court and the SEC charged Gautam Adani and other group executives of bribery over certain solar projects.

Here is what the statement said:

“The Spokesperson of Adani Group states that the allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.

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 has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws.”

Adani Group stocks are currently trading with losses between 10% to 25% with some stocks seeing recovery from the lows of the day. At the lows, the Adani Group had cumulatively lost market capitalisation worth ₹2.6 lakh crore.

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