Discover the top business headlines that are trending across the world today!
Adani Green Energy announced on Thursday its decision to cancel a proposed USD-denominated bond offering, just hours after US prosecutors charged Gautam Adani, his nephew, and six others with alleged bribery. The company had planned to raise approximately $600 million through the offering.
This marks the second time the group has shelved a fundraising initiative due to governance concerns. In February 2023, Adani Enterprises withdrew a ₹20,000 crore follow-on public offer following allegations of financial irregularities raised in a report by Hindenburg Research, which the group denied.
Earlier this week, Adani Green named several banks, including DBS Bank and SBI’s London Branch, to arrange investor calls for a planned issuance of senior secured notes with a 20-year term. US prosecutors allege Gautam Adani and others paid bribes to secure solar energy contracts, generating $2 billion in profits over two decades in a $265 million bribery scheme.
Adani Group stocks faced significant losses on Thursday morning, with a collective market valuation drop of ₹2.45 trillion. This came after U.S. prosecutors accused billionaire Gautam Adani of participating in a scheme involving $250 million in bribes to Indian officials for favorable solar power contract terms.
Adani Enterprises' shares fell by 22.99%, while Adani Ports, Adani Energy Solutions, and Adani Green Energy declined by 20%, 20%, and 19.53%, respectively. Other group companies also saw sharp drops, including Adani Total Gas (18.14%), Adani Power (17.79%), Ambuja Cements (17.59%), ACC (14.54%), NDTV (14.37%), and Adani Wilmar (10%). Some stocks hit their daily lower circuit limits.
Overall, the ten listed firms' market capitalization eroded by ₹2.45 trillion. Meanwhile, the BSE Sensex fell 536.89 points to 77,041.49, and the NSE Nifty dropped 186.75 points to 23,331.75. Prosecutors allege the bribes spanned 2020 to 2024, potentially yielding $2 billion in profits.
Zomato CEO Deepinder Goyal has sparked debate with a job posting for a Chief of Staff role featuring unconventional terms. Announced on his X (formerly Twitter) account, the position requires candidates to forgo a salary for the first year while donating Rs 20 lakh to Feeding India, Zomato’s non-profit initiative. Additionally, Zomato pledged Rs 50 lakh to a charity selected by the chosen candidate.
Framed as a “once-in-a-lifetime” opportunity akin to an elite MBA program, the role involves working across Zomato's verticals, including Blinkit and Hyperpure. Goyal highlighted qualities like empathy, a strong desire to learn, and effective communication while discouraging applications from experienced professionals to avoid “professional conditioning.”
However, the Rs 20 lakh donation clause drew criticism online, with many calling it elitist and exclusionary for economically disadvantaged candidates. Critics argued that such financial barriers undermine fairness and inclusivity in hiring practices.
Bitcoin, the world’s leading cryptocurrency, surged to an all-time high of $95,000 on Thursday before settling at $94,750 by 6:45 AM. This milestone reflects a remarkable 100% growth in its value this year, underscoring its significance in the global financial landscape.
The rally is attributed to significant advancements in the crypto industry, such as the launch of options trading for BlackRock’s iShares Bitcoin Trust and reports suggesting Donald Trump’s media company is considering acquiring the crypto trading platform Bakkt. According to Edul Patel, CEO of Mudrex, market optimism surged following speculation about Trump’s potential plans to create a dedicated White House position for cryptocurrency policy. These developments have bolstered confidence in Bitcoin’s potential as a key financial asset, driving its price to unprecedented levels and reinforcing its dominance in the cryptocurrency market.
