NEW DELHI, Dec 1 — Gautam Adani, founder of the Adani Group, has responded for the first time to U.S. bribery allegations, calling them "baseless" and reaffirming his company's commitment to world-class regulatory compliance. The U.S. authorities have accused Adani and senior executives of being involved in a US$265 million bribery scheme related to Indian power supply contracts. Speaking at an awards ceremony in Jaipur, Adani emphasized that challenges like these only make the group stronger and more resilient.

This latest legal crisis follows a string of controversies, including a recent compliance issue at Adani Green Energy, which has caused significant disruption in India, including political tensions and a review of power deals by some states. Despite the setbacks, the group's stocks have begun to recover after losing US$34 billion in market value, with investors showing renewed support. The Indian government has stated that it has not received any formal U.S. request on the matter.