The Adani Group’s market capitalisation jumped by ₹1.25 lakh crore on Wednesday. This followed a US Department of Justice (DoJ) statement clearing Adani officials of bribery charges. Investors rushed to buy Adani shares, pushing stock prices higher across its portfolio.
Adani Power and Adani Total Gas soared by 20%, closing at ₹525 and ₹695 per share. Meanwhile, Adani Enterprises gained 11.6%, closing at ₹2,399. Similarly, Adani Green Energy and Adani Energy Solutions surged 10%, ending at ₹988 and ₹660, respectively.
Adani Ports rose by 5.90%, and Adani Wilmar gained 8.31%. Additionally, Ambuja Cement and ACC saw increases of 4.51% and 4.05%, respectively. NDTV shares jumped by 9.26%. All Adani stocks opened in the green, indicating strong investor confidence.
The rally came after Adani Green Energy Limited (AGEL) filed a stock exchange statement. It clarified that media reports accusing Gautam Adani, Sagar Adani, and Vneet Jaain of bribery were false.
AGEL’s filing stressed that no Adani officials were charged under the US Foreign Corrupt Practices Act (FCPA). The statement confirmed that the indictment only mentioned Azure Power Global Ltd. and Canada’s CDPQ pension fund.
Senior lawyer and Rajya Sabha MP Mahesh Jethmalani and renowed lawyer Mukul Rohtgi also supported the clarification. They stated the indictment had no evidence against Adani officials or their companies.
This clarification sparked a strong recovery in Adani stocks, boosting market confidence and investor sentiment.
Also Read: Adani Group: Gautam Adani Faces Securities Fraud Charges, Not FCPA Violations
Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…
In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…
Five Maoists were killed in two separate encounters with security forces in Chhattisgarh’s Bijapur district,…
Canadian Prime Minister Mark Carney said the most populous country, with the fifth-largest economy, must…
The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…
PM Narendra Modi on Saturday called for urgent global action to build infrastructure that can…