Indian billionaire Gautam Adani's indictment by U.S. authorities for his alleged role in a $265 million bribery scheme has sent shockwaves through his eponymous ports-to-soybeans conglomerate. The Adani Group denies the allegations.

Adani, 62, one of Asia’s richest men, was thrust into the spotlight last week when U.S. prosecutors in New York charged him and seven of his associates with securities fraud.

Indian Prime Minister Narendra Modi's party said it had no reason to defend billionaire Gautam Adani on Tuesday following his U.S. indictment over alleged bribery to secure power deals in India. The main opposition Congress party has accused Modi and his Bharatiya Janata Party (BJP) of shielding Adani and stonewalling independent investigations into his dealings in the country,