Kenyan President William Ruto canceled $730M worth of Adani Group deals, citing a US indictment against Gautam Adani for bribery. The canceled agreements include a 30-year, $736M energy project for power transmission lines and a proposal to control Kenya's main airport. In his address, Ruto emphasized the decision stemmed from "new information" from investigative agencies and partner nations. US authorities accused Adani of paying $265M in bribes to Indian officials, allegations the Adani Group denies, vowing legal recourse. Energy Minister Opiyo Wandayi earlier denied corruption in the transmission lines contract's awarding.

India's top 10 companies collectively lost ₹1.66 lakh crore in market value during a volatile trading week. Reliance Industries and LIC suffered the most, with declines of ₹33,931 crore and ₹30,676 crore, respectively. Other major firms, including SBI, Infosys, and TCS, also saw significant losses. However, Hindustan Unilever and ITC bucked the trend, gaining ₹12,946 crore and ₹8,406 crore, respectively. Despite the losses, Reliance Industries retained its position as India's most valuable company, followed by TCS and HDFC Bank. The BSE index's 1.57% drop reflected broader market weakness.

The Life Insurance Corporation of India (LIC) lost $920 million (₹7,850 crore) across its Adani Group holdings within 4 hours of trading on November 21, 2024. This sharp decline, triggered by the U.S. indictment of Gautam Adani and associates, slashed LIC's Adani portfolio value to ₹47,847 crore, down from ₹55,694 crore on November 19. Over two months, LIC has faced over ₹15,637 crore losses in its Adani investments. The indictment alleges bribery to secure solar energy contracts, compounding concerns raised by Hindenburg Research in 2023 over accounting irregularities and stock manipulation.

A New York judge has issued arrest warrants for Gautam Adani, Sagar Adani, and others for alleged involvement in a ₹2,236 crore bribery and fraud scheme to secure solar energy contracts in India. Prosecutors allege Adani Group executives offered bribes to government officials, including ₹1,750 crore to a top Andhra Pradesh official. Evidence reportedly includes detailed bribe tracking on phones and documents. The scheme spanned 2020-2024, raising $3 billion while concealing misconduct. Gautam Adani faces charges of securities and wire fraud conspiracy. Following the indictment, Adani Group subsidiaries canceled proposed dollar bond offerings.

Shares of PSU banks fell sharply, with losses up to 4.47%, following the US indictment of Adani Group Chairman Gautam Adani, his nephew Sagar Adani, and others for alleged bribery. The group reportedly offered ₹2,000 crore in bribes for solar energy contracts. SBI, PNB, and Canara Bank were among the hardest hit. Adani’s total debt exposure is estimated at ₹2.41 lakh crore. Adani Group also canceled a $600M bond offering. Adani Green Energy shares plunged 17.51%, Adani Enterprises by 21.07%, and Adani Ports by 19.17%. The allegations further impacted Sensex and Nifty indices, dragging them down significantly.

The Adani Group has strongly rejected bribery and securities fraud charges brought by US prosecutors against its chairman, Gautam Adani, and other executives. Calling the allegations "baseless," the group affirmed its commitment to transparency and legal compliance. The statement also highlighted the presumption of innocence as per US law. This response follows a significant drop in the group's market capitalization, which plummeted over Rs 2 lakh crore amid heightened stock volatility. The Adani Group has pledged to pursue all available legal remedies to address the accusations.

Adani Group stocks fell sharply on Thursday after the US SEC charged Gautam Adani, Sagar Adani, and Azure Power's Cyril Cabanes in a $250 million bribery case. Shares of Adani Green Energy dropped 17.44% to ₹1,165.50, while flagship Adani Enterprises nosedived 20.29% to ₹2,248. The SEC alleged Adani misled investors and secured Indian government commitments to purchase energy at above-market rates, raising $750 million globally. Other group companies, including Adani Power, Ports, and Total Gas, also saw significant losses. SEC Acting Director Sanjay Wadhwa pledged accountability for securities violations.

State Bank of India (SBI) faced a significant setback last week, losing ₹34,984 crore in market valuation over four trading days. The decline, driven by a 4.62% drop in share price, reduced SBI’s market cap to ₹7,17,584.07 crore. On November 14, its shares closed at ₹805.95. The broader market also suffered as the BSE Sensex fell by 1,906 points (2.39%). Other major firms, including Reliance Industries, saw substantial losses. Despite the slump, Reliance remains India’s most valued company with a market cap of ₹17.15 lakh crore. SBI recently increased its marginal cost of fund-based lending rates (MCLR) by 5 basis points, effective November 15.

UK Prime Minister Keir Starmer's office apologised for including non-vegetarian food and alcohol at its Diwali reception at 10 Downing Street, following criticism from British Hindus. Conservative MP Shivani Raja condemned the oversight, calling it a "lack of understanding" of Hindu traditions and offered guidance for future events. Groups like Insight UK highlighted the cultural misstep, demanding better consultation for religious celebrations. Starmer's office assured the community such mistakes would not be repeated. Despite the controversy, the PM lit candles on the iconic doorstep, emphasising unity and respect during his address.

The Indian stock market saw a massive drop, with the Sensex losing over 984 points and investors losing Rs 13 lakh crore in just two days. The plunge, driven by rising retail inflation, which hit a 14-month high of 6.21%, and continued Foreign Institutional Investor (FII) outflows, wiped out significant market value. The BSE Sensex ended at 77,690.95, while the Nifty closed at 23,559.05. Key sectors like banking, auto, and capital goods were hit hard. Analysts point to weakening global trends and US bond yields as contributing factors to the downturn.