Adani Stocks Surge on Clarification Over US Charges

28 Nov 2024 , 09:43 AM

After the conglomerate stated on Wednesday that its executives, including Gautam Adani and his nephew Sagar Adani, have not been charged with bribery by US authorities, shares of Adani Group stocks jumped more than 9% in early trading on Thursday.

The largest increases were seen in Adani Energy Solutions’ and Adani Total Gas’s shares, which rose 9% and 9.3%, respectively. Adani Green Energy shares then surged 8.3% to reach their day’s high of Rs 1,072.

In the meantime, shares of Adani Power surged 5.4% to Rs 552.10, followed by shares of Adani Enterprises, which soared 2.5%, Adani Wilmar, which increased 1.4%, and Adani Ports, which increased 1%.

According to the group, the US sanctions have resulted in “significant repercussions, including international project cancellations, financial market impact, and sudden scrutiny from strategic partners, investors, and the public.”

According to Adani Green Energy Ltd, neither the US Securities and Exchange Commission’s (SEC) civil complaint nor charges of bribery under the US Foreign Corrupt Practices Act (FCPA) have been brought against group founder chairman Gautam Adani, his nephew Sagar Adani, or senior executive Vneet Jaain.

Rather, the business said in the Adani Group statement released on Wednesday that they were charged on three counts in the criminal indictment: securities fraud conspiracy, wire fraud conspiracy, and securities fraud.

The Adani Group claims that only executives from Azure Power and CDPQ are involved in the corruption issue.

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