Adani Green Energy’s shares rose 10%, trading at ₹988.40 as of 11 AM. Adani Power Ltd surged 17% to ₹513.55, while Adani Enterprises Ltd climbed 10% to ₹2,365.55. Other group stocks also gained sharply:
By PC Bureau
Adani Group stocks rallied sharply on Wednesday, with some shares gaining up to 17%. The surge came after the group clarified that key executives, including Gautam Adani and Sagar Adani, are not facing direct charges under the US Foreign Corrupt Practices Act (FCPA).
Key Points:
- Adani Green Energy: Shares rose 10% to ₹988.40.
- Adani Power: Shares surged 17% to ₹513.55.
- Adani Enterprises: Shares climbed 10% to ₹2,365.55.
- Other Group Stocks: Adani Total Gas, Adani Wilmar, and Adani Ports also saw significant gains.
Group’s Clarification:
Adani Green Energy addressed recent media reports alleging bribery and corruption charges against its executives. The company clarified that Gautam Adani, Sagar Adani, and Vneet Jaain have not been charged with FCPA violations. The charges they face are related to alleged securities fraud and wire fraud.
Rebound After Volatility:
The rally comes after a significant decline in the previous session following a Moody’s downgrade. The rating agency cited increased borrowing costs and funding risks. S&P Global Ratings also expressed concerns about potential funding challenges due to the US allegations.
However, the group’s clarification seems to have alleviated investor concerns, leading to a significant rebound in stock prices.
