Surge in Adani Group Shares Following Bribery Charge Update
Adani Group stocks had a strong recovery on Wednesday. All associated firms established large-scale gains after the clarification of Adani Green Energy Ltd (AGEL). It cleared the issues that were slightly unclear in the case, such as cases of bribery involving Gautam Adani and other senior officials.
Key Adani Stocks Witness Double-Digit Growth
Stocks in the Adani Group witnessed significant intraday movement on the National Stock Exchange (NSE) yesterday. Shares in Adani Total Gas soared 15.7% to ₹671.60 and became the index’s biggest gainer of the day. Adani Power was second on this list, rising 8 % for the day to trade at ₹485. Adani Green Energy and Adani Enterprises were also green, signaling a 10% upmove and a 7% upmove, respectively.
The other listed companies of the conglomerate, such as Adani Ports and Special Economic Zone, Ambuja Cements, and ACC, also rose in their respective stocks. The stock of Adani Ports went up by 5.9%, while gains of more than 4% were seen in Ambuja Cements and ACC. Notably, NDTV has exhibited a growth of 9% as most investors have shown their confidence in the group’s other stocks as well.
Adani Green Energy Issues Statement Clarifying Charges
AGEL clarified organizational information through an exchange filing in response to media reports for bribery and corruption charges against Gautam Adani, Sagar Adani, and Vneet Jaain. The company affirmed that the executives were not accused of any FCPA violations in the counts listed by the DOJ and the SEC.
AGEL acknowledged three specific charges in the indictment: securities fraud, wire fraud, and securities fraud. However, it stressed that the charges were unrelated to bribery and corruption in the FCPA realm, arguing against prior media coverage. This clarification helped restore investors’ confidence, increasing the group’s share prices.
Positive Developments Bolster Investor Confidence
Apart from the clarification, the company mentioned an acquisition deal by its subsidiary, Adani Airport Holdings Limited. GM acquired a 74% share in Cococart Ventures Private Limited to move forward in its plans for expansion in airport retailing.
Thus, the completion of this strategic development, together with the clarification of the issues connected to bribery allegations, provided investors with a confident view of the Adani Group. The rise in stock shows that the market has reacted positively to the conglomerate’s clarification and ongoing operation.
