Gautam Adani, the chairman of India's Adani Group, as well as one of the world's wealthiest people, was indicted along with seven others for his involvement in a large-scale bribery and fraud scheme.

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after U.S. prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

One of Asia’s richest men, Indian tycoon Gautam Adani, is again in the spotlight. In an indictment unsealed in New York, Adani, 62, was charged with securities fraud and conspiracy to commit securities and wire fraud.