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 billionaire Gautam Adani and other executives were indicted in New York for roles in a multi-billion-dollar fraud scheme, the US Department of Justice said Wednesday.

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.