Business

Adani Group Market Capitalisation Surges ₹1.25 Lakh Crore After Bribery Charges Denied

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.

Sharp Gains in Market Capitalisation Across Portfolio

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.

Filing Debunks Bribery Allegations

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

Ajaypal Choudhary

Recent Posts

Subhash Ghai To Revive The Magic Of Cinema With New Stories

filmmaker Subhash Ghai promises to revive the magic of cinema by delivering fresh and engaging…

19 mins ago

The Emotional Support Of Pets: How They Enhance Mental Health

From reducing stress to providing unconditional love, pets can be a key factor in enhancing…

2 hours ago

Indresh Kumar Criticizes Pakistan’s Instability, Praises India’s Progress

Dr. Indresh Kumar criticized Pakistan’s division and instability while praising India’s path of peace, unity,…

2 hours ago

PM Narendra Modi’s Candid Chat With Lex Fridman Set For Release

AI researcher Lex Fridman admired PM Modi’s journey during their three-hour conversation, set to release…

15 hours ago

Delhi Records Lowest AQI In Three Years; Karnataka Braces For Heatwave

Delhi’s air quality improved on Saturday, recording an average AQI of 85 - the lowest…

16 hours ago

Central Government Plans New Law To Curb Obscenity On Social Media

The central government is drafting a new law to curb obscenity on social media, with…

17 hours ago