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.

As Indian billionaire Gautam Adani faces U.S. indictment, the implications for his longtime support Prime Minister Narendra Modi's administration are significant — all the while raising concerns about India's sovereignty and the costs of protecting influential business allies.

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.