News that Indian billionaire Gautam Adani’s empire faces U.S. fraud charges could not be timed worse for Indian Prime Minister Narendra Modi's economy.

Indian Prime Minister Narendra Modi's party said it had no reason to defend billionaire Gautam Adani on Tuesday following his U.S. indictment over alleged bribery to secure power deals in India. The main opposition Congress party has accused Modi and his Bharatiya Janata Party (BJP) of shielding Adani and stonewalling independent investigations into his dealings in the country,

Hundreds of supporters of India’s main opposition party have protested against billionaire Gautam Adani, who was recently indicted in the U.S. for alleged fraud and bribery, and accused the government of protecting the Indian coal magnate whose companies’ shares have plunged since the charges last week.