Stocks of the Adani Group and its main lenders saw a sharp decline following Gautam Adani’s indictment in New York for allegedly participating in a multi-million dollar bribery and fraud case. On November 21, public sector lenders like State Bank of India (SBI), Bank of Baroda (BoB), and Punjab National Bank (PNB) suffered stock declines of up to 7%, while shares of the Adani Group fell by as much as 20%.
