Shares in India's Adani Group plunge 20% after US bribery, fraud indictments

Asia’s controversial richest man, Indian tycoon Gautam Adani, is again in the spotlight. His companies’ stocks plunged up to 20% on Thursday after he was indicted by U.S. prosecutors on charges he duped investors in a massive solar energy project in India by concealing that it was being facilitated by an alleged bribery scheme. One result of the U.S. legal action was that the Adani group decided not to proceed with a proposed U.S. dollar-denominated bond offering. Adani Renewables announced the decision in letters to the Bombay Stock Exchange and the National Stock Exchange of India.