Shares of India's Adani Group companies plunged after its billionaire chair Gautam Adani was indicted in a New York federal court. The 62-year-old billionaire and the other defendants are accused of paying over $250 million in bribes to Indian government officials to secure solar energy contracts that could generate more than $2 billion in profits.

Indian billionaire Gautam Adani and other executives were indicted in New York on Wednesday by US prosecutors for their alleged roles in a years-long, multi-billion-dollar bribery and fraud scheme involving plans to develop a major solar power plant.

Indian billionaire Gautam Adani has been slapped with criminal fraud charges in the US for allegedly orchestrating a $250m (£198m) bribery scheme to secure lucrative renewable energy contracts in his home country.