Adani Green Energy Shares Surge 9% Amid Allegations; Gautam Adani Asserts Resilience

Adani Ports rose 2 per cent, Ambuja Cements gained 1.33 per cent, ACC climbed 1 per cent, and Sanghi Industries advanced 1 per cent

By : ABP News Bureau | Updated at : 02 Dec 2024 12:55 PM (IST)

Adani Green Energy Shares Surge 9% Amid Allegations; Gautam Adani Asserts Resilience Adani Green Energy Shares Surge 9% Amid Allegations; Gautam Adani Asserts Resilience

Gautam Adani at an event said the group's adherence to compliance standards and resilience in the face of challenges.

Shares of Adani Green Energy Ltd witnessed a sharp jump of 9 per cent on Monday, trading at Rs 1,445 on the BSE, following a defiant statement from Adani Group chairman Gautam Adani. Addressing recent allegations and his indictment in the US, Adani reiterated his conglomerate's commitment to compliance and declared, "Every attack makes us stronger."

Performance of Adani Group Stocks

While Adani Green Energy saw significant gains, other group stocks showed mixed results:

Adani Ports rose 2 per cent, Ambuja Cements gained 1.33 per cent, ACC climbed 1 per cent, and Sanghi Industries advanced 1 per cent.

However, several other Adani group companies faced declines:

Adani Total Gas dropped 4.57 per cent to Rs 774.45, Adani Energy Solutions fell 4.16 per cent to Rs 805.60, Adani Enterprises slipped 1.38 per cent to Rs 2,428.20, and Adani Power declined 1.45 per cent to Rs 546.50.

Adani's Response to Allegations

Speaking at the 51st Gems and Jewellery Awards in Jaipur over the weekend, Adani addressed the recent controversy for the first time. He noted the group's adherence to compliance standards and resilience in the face of challenges.

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"Less than two weeks ago, we faced a set of allegations from the US about compliance practices. This is not the first time we have encountered such challenges," Adani said.

Allegations of Bribery

On November 20, 2024, the US Department of Justice and the Securities and Exchange Commission (SEC) filed an indictment and a civil complaint against Gautam Adani, along with key Adani Green Energy executives Sagar Adani and Vneet Jaain. The allegations involve a purported $265 million in bribes paid to Indian officials to secure solar power sale contracts, projected to yield $2 billion in profits over two decades for Adani Green Energy Ltd (AGEL).