Adani Group companies saw shares rallying for the second day on Thursday, November 28. This comes after Adani Green said on Wednesday the allegations against Gautam Adani, Sagar Adani, and senior executive Vneet Jaain by the US Department of Justice (DoJ) were “incorrect".
The US Securities and Exchange Commission (SEC) charged Gautam Adani, Sagar Adani, and Cyril Cabanes, an executive of Azure Power Global Ltd for misleading US investors, alleging a massive bribery scheme with the Indian government. (Reuters)
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However, the company also acknowledged that the executives face three other charges, including securities and wire fraud.
How did Adani Group shares perform?
At around 12:30 pm IST, Adani Green Energy Ltd, the company centred around the controversy, saw its shares rise by 10.00% or ₹98.90 to ₹1,088.20.
Adani Ports and Special Economic Zones Ltd however, saw a drop of 0.73% or by ₹8.70, reaching ₹1,191.05.
ACC Ltd also saw a downturn into the red by 0.30% or ₹6.60, going to ₹2,199.45.
New Delhi Television Ltd (NDTV) did rise by 0.94% or by ₹1.70 to reach ₹181.85.
What were the details of charges by the US SEC against Adani?
The US Securities and Exchange Commission (SEC) charged Gautam Adani, Sagar Adani, and Cyril Cabanes, an executive of Azure Power Global Ltd, with misleading US investors and alleging a massive bribery scheme with the Indian government.
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The US market regulator said the scheme was to secure the Indian government's commitment to buy energy from them at above-market rates, which would benefit Adani Green and Azure Power.
The group denied all the allegations, calling them “baseless.”
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Home/Business/Adani Green, Total Gas, and Power rally after group says US allegations ‘incorrect’
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