Adani Group Stocks Rebound; Shares Surge Amid Bribery Allegations

Adani Energy Solutions led the surge, soaring 7.71 per cent, followed by gains in other group companies, signaling investor confidence despite ongoing allegations against the conglomerate

In a filing with the stock exchange on Wednesday, Adani Green Energy Ltd denied reports claiming violations of the US Foreign Corrupt Practices Act.

Source : PTI

Shares of Adani Group companies saw a significant rally during morning trade on Wednesday, recovering from the losses incurred the previous day. Adani Energy Solutions led the surge, soaring 7.71 per cent, followed by gains in other group companies, signaling investor confidence despite ongoing allegations against the conglomerate.

Adani Power climbed 5.96 per cent, Adani Total Gas rose 4.70 per cent, Adani Green Energy gained 4.34 per cent, and Adani Enterprises advanced 4.15 per cent on the BSE. Other group companies, including NDTV (up 3.61 per cent), Adani Wilmar (2.78 per cent), Ambuja Cements (1.92 per cent), Adani Ports (1.67 per cent), Sanghi Industries (1.71 per cent), and ACC (1.37 per cent), also ended in the green.

The rebound follows a sharp decline in Adani Group stocks on Tuesday, with Adani Green Energy tumbling 7 per cent amid controversy.

Bribery Allegations: Adani Group Responds

Meanwhile, Adani Group addressed allegations tied to a high-profile bribery case in the US involving Gautam Adani, his nephew Sagar Adani, and other executives. The US Department of Justice (DOJ) and Securities and Exchange Commission (SEC) have accused them of being part of a scheme to pay $265 million in bribes to Indian officials to secure solar electricity contracts projected to generate $2 billion in profits over 20 years.

In a filing with the stock exchange on Wednesday, Adani Green Energy Ltd denied reports claiming violations of the US Foreign Corrupt Practices Act (FCPA). "Gautam Adani, Sagar Adani, and Vneet Jaain have not been charged with FCPA violations in the DOJ indictment or SEC civil complaint," the company stated.

Instead, the charges involve alleged securities fraud conspiracy, wire fraud conspiracy, and securities fraud, which carry monetary penalties.

Adani Group dismissed the allegations as "baseless" and pledged to pursue all possible legal measures to defend its position. This development comes at a critical time for the ports-to-energy conglomerate, which has faced heightened scrutiny and volatility in its stock performance following global controversies.