- Up n' Running
- Posts
- 💰️ Gautam Adani indicted
Good morning and Happy Friday.
Hope you get some R&R this weekend 😴
- Ruchirr Sharma & Shatakshi Sharmaa
TABLE OF CONTENTS
💰️ Gautam Adani indicted
💼 Zomato CEO responds to backlash
🗞️ Bite-sized summaries
💸 Uber invests
🔋 Global outage
🧑🍳 What else is cookin’?
🍿 Entertainment, Entertainment, Entertainment
MARKETS
🇮🇳 India
indicates per gram rate in Delhi | Stock data as of market close 21/11/2024
Stocks plunged on Thursday. The selloff affected mid and small-cap segments, wiping out ₹6 lakh Cr. in market capitalisation. Factors driving the decline include weak global cues, concerns over earnings, geopolitical tensions, stretched valuations, and the US indictment of Gautam Adani on bribery charges.
🌍️ International
Data as of market close 21/11/2024
Wall Street's closed higher on Thursday, with the Dow and S&P 500 reaching one-week highs. Salesforce helped boost the Dow with a 3.1% gain. Nvidia added 0.5% despite some disappointment over growth forecasts.
US INDICTMENT
Gautam Adani, one of the world’s richest individuals and chairperson of the Adani Group, has been indicted by a U.S. court alongside his nephew Sagar Adani and six others. The charges include bribery, securities fraud, and duping investors.
The allegations:
Prosecutors allege that Adani and his co-defendants orchestrated a bribery scheme starting in 2020 to secure a major solar energy project in India. T
he U.S. Securities and Exchange Commission (SEC) claims Adani Green Energy and Azure Power paid over $250M in bribes to Indian officials for contracts in states like Chhattisgarh, Tamil Nadu, and Andhra Pradesh.
Documents reveal that Sagar Adani monitored the bribes’ details, including amounts and the associated solar energy agreements.
Further accusations state that Adani Green misled investors by falsely claiming to have strong anti-bribery measures while falsifying records to attract billions in U.S. investments.
The indictment includes former Adani executives Vineet Jain, Ranjit Gupta, and Rupesh Agarwal, alongside former Canadian institutional investor employees Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra. Azure Power, another implicated company, is accused of similar bribery practices.
Overall: Following the news, Adani Green Energy withdrew its planned $600M bond issuance. Adani Group stocks plummeted, wiping out $28B in market value. Flagship company Adani Enterprises dropped 23%, while other group companies faced losses ranging from 20% to 90%. Adding to the fallout, Kenya terminated an airport development deal with the Adani Group in light of the U.S. indictments.
This indictment deepens the Adani Group's controversies, intensifying concerns about its governance practices and potential ripple effects on global markets.
Read more: The Hindu
JOB APPLICATIONS
Zomato CEO Deepinder Goyal has addressed the controversy surrounding a Chief of Staff role that required applicants to pay ₹20 lakh upfront and offered no salary for the first year. The job posting, based at Zomato’s Gurugram headquarters, sparked outrage online for its unconventional terms.
In a follow-up statement, Goyal clarified that the fee was not a serious requirement but rather a "filter" to identify candidates who valued the opportunity for rapid career growth over immediate financial constraints.
He emphasized that most applicants willing to pay the fee would be rejected, with the focus instead on those with genuine intent and a strong learning mindset.
The role, described as ideal for individuals with “hunger, empathy, and common sense,” attracted over 18,000 applications. Goyal said the selection process would prioritize candidates passionate about learning and improvement. Zomato also pledged to donate ₹50 lakh to a charity of the chosen candidate’s choice, matching the typical salary for such a position.
Overall: Acknowledging the backlash, Goyal noted that this approach to hiring was a one-time experiment and not intended to set a precedent. “I hope ‘pay the company to get a job’ doesn’t become a norm—that’s not cool,” he said, reaffirming Zomato’s commitment to fair compensation practices.
Read more: India Today
GENERAL OVERVIEW
🗞️ Bite-sized summaries
💸 Uber invests - Uber is reportedly planning to invest over $10M in Pony AI’s US IPO, which has been upsized to 20 million shares and could raise $260M. The IPO pricing, initially set for November 21, was delayed due to regulatory queries. Pony AI develops autonomous vehicle technology, including robotaxis and trucks, with operations in the US and China. Uber's investment aligns with its recent partnerships in the self-driving sector, such as with Waymo and WeRide Inc. This move could pave the way for collaboration between Uber and Pony AI outside the US. Other investors include Beijing and Guangzhou Automotive Groups.
🔋 Global outage - PayPal resolved a global outage on Thursday that disrupted services for nearly two hours, impacting thousands of users. The issue affected key products, including withdrawals, Venmo, online checkouts, and cryptocurrency transactions. The outage coincided with Bitcoin’s surge past $98,000, which also led to transaction delays on platforms like Coinbase and Kraken. Nearly 9,000 complaints were logged on Downdetector during the disruption. As crypto markets soared, pulling related stocks upward, the incident underscored PayPal’s growing importance in digital currency transactions, particularly in volatile market conditions.
HEADLINES
🧑🍳 What else is cookin’?
What’s happening in India (and around the world 🌍️)
RBI purchases $9.6B in September to curb rupee's appreciation amid Fed rate cut buzz.
Delhi pollution crisis fuels demand for CNG, BS-6 vehicles during wedding Season.
Jio, Airtel, VIL collectively lose over 1 Cr. mobile subscribers in Sep; BSNL adds users.
100 engineering colleges in Karnataka to be 'adopted' by corporates by next year: IT Minister Kharge.
The US Department of Justice (DOJ) has demanded Google sells Chrome, the world's most popular web browser.
CULTURE
🍿 Entertainment, Entertainment, Entertainment
Source: Pitchfork
Coachella 2025 line-up announced: Lady Gaga, Megan Thee Stallion, K- Pop idols Jennie, Lisa set to perform.
Nagpur's Malvika Bansod stuns World No.21 to take Korea Open revenge in China Masters.
Suits star Gabriel Macht set to revive his Harvey Specter character for spinoff series 😍
If you’ve made it to the end:
You’re the best :)
It would mean the world to us if you shared this link with a friend!
P.S.: Up n’ Running can now be installed as an app on your phone! Here’s how:
Click on the banner above and select your browser of choice.
You will receive a pop-up saying “Install the app.”
Follow the instructions on that pop-up, and voila - you will now receive Up n’ Running updates directly to your phone! It’s also an easy way for you to access previous Up n’ Running editions at will.
That’s all for today folks - have a lovely day and we’ll see you next week.