Shares of India's Adani Group companies plunged after its billionaire chair Gautam Adani was indicted in a New York federal court. The 62-year-old billionaire and the other defendants are accused of paying over $250 million in bribes to Indian government officials to secure solar energy contracts that could generate more than $2 billion in profits.

Indian energy mogul Gautam Adani, an ally of Prime Minister Narendra Modi, was indicted in New York on bribery charges involving solar energy supply contracts.

Being associated with a renewable energy venture is seen as benign and purposeful for the wealthy. But for India's second-richest man its turned into a legal nightmare.