Shares in Indian conglomerate Adani tanked on Thursday after its industrialist owner Gautam Adani was charged by US prosecutors with handing out more than $250 million in bribes for key contracts.
The painful losses at units of the Adani Group came as markets across most of Asia retreated as blockbuster earnings from chip titan Nvidia smashed forecasts but fell short of investor hopes, sparking worries this year's tech-led rally may have run its course.
Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20 per cent.
The charges are another blow to the firm, which was sent reeling last year when a bombshell report from US investment firm Hindenburg Research claimed the conglomerate had engaged in a "brazen stock manipulation and accounting fraud scheme over the course of decades".
Flagship firm Adani Enterprises dived 10 per cent, while Adani Energy tanked 20 per cent and Adani Ports dropped 10 per cent.
However, Mumbai's Sensex index saw more limited losses, giving up around 0.7 per cent.
