After a significant sell-off earlier in the week, the stocks of Adani Group companies experienced a strong recovery on Friday, led by Ambuja Cements and ACC Ltd.
The rebound came despite the recent allegations from US government agencies, which the Adani Group has strongly refuted as baseless.
Ambuja Cements and ACC Ltd were at the forefront of the gains, with their stocks climbing 3.81% and 3.30%, respectively.
Other key Adani companies also saw notable rises, including Adani Enterprises, which gained 2.12%, and Adani Ports and Special Economic Zone, up 2.09%. Adani Total Gas and NDTV also made gains, with their shares rising 1.51% and 0.85%, respectively.
In response to the recent bribery allegations raised by the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), the Adani Group has categorically rejected the claims, calling them baseless and unfounded.
The company issued a statement on Thursday, expressing its firm stance against the charges brought against its directors in Adani Green Energy.
According to the Adani Group’s spokesperson, the organization will pursue all necessary legal measures in its defense.
The statement read, “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.”
Furthermore, the group referred to a critical point in the legal proceedings, emphasizing that the DOJ itself had stated that the allegations remain unproven.
“As stated by the US Department of Justice itself, ‘the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.’ We will seek all possible legal recourse,” the spokesperson reiterated
Adani Group Reaffirms Commitment To Governance & Compliance
The Adani Group also reaffirmed its commitment to upholding rigorous standards of governance, compliance, and transparency in all its operations.
“The Adani Group has always upheld and remains steadfast in maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws,” the statement further assured.
On Friday, Dalal Street witnessed a strong rally as the Sensex jumped by over 1,961 points and the Nifty surged by 557 points. A rally in financial stocks and robust US labor market data drove the surge, pushing both indices to rise by more than 2%.
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