Shares of Adani Group companies rallied sharply in early trade on Tuesday after the US Department of Justice dropped criminal charges against Group Chairman Gautam Adani and his nephew Sagar Adani in an alleged securities and wire fraud case.
Improved investor sentiment pushed most listed Adani companies into positive territory, with several stocks gaining up to 5 per cent during morning trade.
Adani Green Energy led the rally with gains of over 5 per cent, while Adani Enterprises, Adani Total Gas, Adani Power and Adani Energy Solutions also traded higher.
ACC, Ambuja Cements and Adani Ports registered gains after the US Department of Justice sought dismissal of the indictment against Gautam Adani and Sagar Adani.
According to the Justice Department, authorities reviewed the matter and decided not to devote further prosecutorial resources to the criminal charges against the individual defendants.
The development significantly improved market sentiment surrounding Adani Group companies, which have remained in focus over recent months due to the legal proceedings in the US.
Broader domestic equity markets also traded in positive territory. Benchmark indices Sensex and Nifty rose up to 0.5 per cent during morning trade, supported by buying across several sectors.
Market analysts said the closure of the US legal proceedings removed a key overhang for Adani Group stocks and restored confidence among investors. They added that the strong rally reflected renewed optimism about the group’s business outlook and future growth prospects.
The gains in Adani stocks also contributed positively to overall market sentiment, with investors closely monitoring developments related to the conglomerate and broader market trends.
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