(Updates to reflect latest reactions from federal government

and Adani partners, rating downgrades)

BENGALURU, Nov 27 (Reuters) - Indian billionaire Gautam

Adani's indictment by U.S. authorities for his alleged role in a

$265 million bribery scheme has sent shockwaves through his

eponymous ports-to-soybeans conglomerate. The Adani Group denies

the allegations.

Here is what you need to know.

THE MAJOR U.S. INDICTMENT

Gautam Adani, one of world's richest people, faces his

biggest challenge after he was charged along with seven others

over alleged bribery related to power supply deals in India, in

what U.S. authorities called "The Corrupt Solar Project".

Adani Group, which runs several key infrastructure projects

across the globe, says the allegations are baseless and has

vowed to seek "all possible legal recourse".

The group's CFO has said the indictment is linked to one

Adani Green Energy contract that makes up some 10% of the unit's

business.

Meanwhile, Indian Prime Minister Narendra Modi's party has

distanced itself from the billionaire amid opposition calls for

a probe and allegations that Modi is shielding Adani, charges

his ruling party deny.

There is also a growing spotlight on Sagar Adani, a

millennial scion of the company who is alleged to have kept

track of hundreds of millions of dollars paid to Indian

officials in what U.S. authorities described as "bribe notes".

The alleged bribes caught the attention of U.S. authorities

when Adani's companies were raising funds from U.S.-based

investors in transactions starting in 2021.

DISCLOSURE ISSUES, STOCK ROUT AND FALLOUT

The scandal has also raised concerns about market and public

disclosure lapses by Adani Group, with authorities alleging the

company issued false statements earlier this year related to its

knowledge of the U.S. investigation.

The U.S. indictment has kept Adani Group's debt and equity

under pressure, further exacerbated by credit ratings agencies

including Fitch and Moody's cutting their outlook for several of

the listed companies owned by the conglomerate.

The indictment has had other ramifications across the globe,

including some bankers considering pausing fresh lending to the

group and oil major TotalEnergies halting any further

investments into Adani Group.

Kenya has ordered the cancellation of Adani infrastructure

deals worth more than $2.5 billion and a U.S. development agency

is 'assessing ramifications' on a Sri Lanka Adani port project

it had agreed to finance.

In Bangladesh, a government panel has sought legal help for

its investigation of power deals including one with Adani, while

in India, a key southern state which figured in the indictment

charges, Andhra Pradesh, is considering suspending a power

purchase deal with Adani.

WHAT NEXT FOR ADANI, LEGAL OPTIONS

A key question is what next for Gautam Adani? He is charged

with foreign bribery, securities fraud, securities fraud

conspiracy and wire fraud conspiracy.

Adani has not been arrested and his whereabouts are unknown,

although he is believed to be in India.

A trial could still be a long way off, even if Adani is

extradited or surrenders in the U.S.

If convicted, Adani could face decades in prison as well as

monetary penalties, although any sentence would ultimately be up

to the judge overseeing the case.

For now, Adani has to answer U.S. SEC allegations within 21

days, a court directive states.