Adani Group's troubles deepened on Tuesday as two more credit rating agencies cut their outlook for the Indian conglomerate, whose billionaire founder Gautam Adani has been charged by U.S. authorities over an alleged $265 million bribery scheme.

Adani Group’s dollar-denominated bond prices fell up to 6% on Tuesday. Adani Renewable Energy RJ Ltd (ARENRJ), maturing in 2039, was among the hardest hit, with a 6.12% decline.

Adani dollar bond prices fell on Monday to almost one-year lows, as investors cut their exposure to the Indian conglomerate and some bankers considered pausing fresh lending in the wake of bribery and fraud accusations by US authorities.

Police detain a supporter of India's main opposition Congress party during a protest against Indian billionaire Gautam Adani, after he was indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme, in New Delhi, India, November 25, 2024. REUTERS/Anushree Fadnavis

Hundreds of supporters of India’s main opposition party have protested against billionaire Gautam Adani, who was recently indicted in the U.S. for alleged fraud and bribery, and accused the government of protecting the Indian coal magnate whose companies’ shares

News that Indian billionaire Gautam Adani’s empire faces U.S. fraud charges could not be timed worse for Indian Prime Minister Narendra Modi's economy.