Indian billionaire Gautam Adani's feverish push to expand his global energy and infrastructure empire has been knocked by US bribery charges, but analysts believe the tycoon will bounce back. Modi's Bharatiya Janata Party (BJP) hit back saying the alleged bribery was linked to Indian states led by opposition parties.

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.

Adani’s indictment has triggered a political furor in India, with opposition leaders calling for Adani’s immediate arrest as they highlighted his close ties with Prime Minister Narendra Modi.