Indian conglomerate Adani Group has announced a loss of almost $55 billion in market value since US prosecutors unveiled charges against its top executives, including chairman Gautam Adani, one of the world’s richest people.

The indictment issued on November 20 in New York accused Gautam Adani and several top managers of group companies of intentionally misleading international investors in relation to a $265 million bribery scheme. It alleged they “devised a scheme to offer, authorize, make, and promise to make bribe payments to Indian government officials.” Adani Group has denied the allegations, calling them “baseless.”