Adani Group has issued a statement after their Chief Executive Officer, Gautam Adani was indicted by a federal grand jury in the United States over an alleged $250 million bribe plot.

In a statement, Adani’s Spokesperson 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.

The Group defends themselves and say they have always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations.

Meanwhile, All Adani stocks have fallen by more than 21% after Gautam Adani was charged by U.S. prosecutors.