Adani Green, Adani Power, Adani Enterprises: Adani shares rose up to 5% after the announcement of bribery charges in the USA

Shares of Adani Group companies, including Adani Green Energy Ltd, Adani Power Ltd, Adani Energy Solutions Ltd and Adani Enterprises Ltd, saw gains in Wednesday’s trading.

Gains rose 17% after the group announced that Gautam Adani, Sagar Adani and senior executive Vneet Jaain do not face charges under the US Foreign Corrupt Practices Act (FCPA).

ADANI GROUP SHARES GAIN COOLLY

Shares of Adani Green Energy were trading 10% higher at Rs 988.40 as of 11 am. Shares of Adani Power Ltd rose 17% to Rs 513.55, while Adani Enterprises Ltd rose 10% to Rs 2,365.55.

Other Adani group stocks also showed positive momentum. Adani Total Gas Ltd rose 17.68% to Rs 681.95, Adani Wilmar Ltd rose 9.28% to Rs 317.40 and Adani Ports and Special Economic Zone rose 8.27% to Rs 1,222.25 per share.

The rally followed Statement by Adani Green Energy Ltd (AGEL) This decision addressed concerns raised in recent media reports by rejecting allegations of bribery or corruption against key executives.

STATEMENT FROM ADANI GREEN ENERGY

in it statement to stock exchanges“Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jaain were not charged with violating the FCPA on the charges outlined in the U.S. Department of Justice (DOJ) or civil court indictment,” AGEL said. Complaint from the U.S. Securities and Exchange Commission (SEC). “The charges against them include allegations of securities fraud conspiracy, wire fraud conspiracy and securities fraud.”

The company added that media reports citing bribery allegations were false.

Adani shares recovered after falling sharply in the previous session following global rating agency Moody’s downgrade. The agency revised the outlook for seven entities of the Adani Group, citing risks related to access to financing and rising borrowing costs.

S&P Global Ratings also noted that the US allegations could impact the group’s funding abilities. However, the group’s statement seems to have eased investors’ concerns for now.