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The stock of Adani Total Gas surged 16.98 per cent, Adani Green and Adani Energy hit upper circuits after soaring 10 per cent, and Adani Power was up by 9.22 per cent.
The move in stocks comes after Adani Green clarified that Gautam Adani and his aides have not been charged under the US Foreign Corrupt Practices Act.
Shares of all Adani Group firms continue to rally, with Adani Total Gas surging nearly 17 per cent in the early trade on Thursday. This is the second consecutive day of a jump in the Adani stocks after the recent sharp decline in the scrip prices.
The stock of Adani Total Gas surged 16.98 per cent, Adani Green and Adani Energy hit upper circuits after soaring 10 per cent, and Adani Power was up by 9.22 per cent. The holding firm Adani Enterprises rose 4.78 per cent.
Shares of NDTV were trading higher by 2.64 per cent in the morning trade, Adani Wilmar rallied 2.62 per cent, Adani Ports jumped 1.57 per cent, Sanghi Industries (1.96 per cent). The Adani group’s cement stocks ACC and Ambuja Cements were also up by 0.30 per cent and 0.82 per cent.
In the equity market, the BSE benchmark Sensex was up by 89.33 points or 0.11 per cent to settle at 80,321.80 on Thursday. The NSE Nifty rose 42.40 points or 0.18 per cent to 24,319.65.
The move comes after an Adani Group entity on Wednesday said Gautam Adani and his aides have not been charged under the US Foreign Corrupt Practices Act. It also added that they faced three other charges, including securities and wire fraud that are punishable with monetary fines.
The US Department of Justice’s (US DOJ) indictment filed in a New York Court last week does not mention Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar, or Vneet Jaain in any count related to conspiracy to violate the FCPA, Adani Green Energy Ltd (AGEL), said in a stock exchange filing.
AGEL is at the heart of the allegation of USD 265 million bribes being paid to Indian officials to secure solar power sale contracts that could bring in USD 2 billion of profits over a 20-year period to the firm.
The three — executives at AGEL — have only been charged with securities fraud conspiracy, wire fraud conspiracy, and securities fraud, the company said. In general, the penalties for such charges are less severe than bribery.
Last week, Adani Group had denied all allegations as baseless, and said it would seek legal recourse to defend itself.
