Adani Green, Total Gas, and Power rally after group says US allegations ‘incorrect’

Though the Adani Group did however acknowledge that the executives face three other charges, which includes securities and wire fraud

Published on: Nov 28, 2024, 15:22:02 IST

By HT News Desk

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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)

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.

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Adani Power Ltd. also rallied, rising as much as 8.12% or ₹42.55 toRs 566.35.

Adani Total Gas Ltd also rose by 13.94% or by ₹96.75 to reach ₹791.00.

Adani Wilmar Ltd rose 0.78% or by ₹2.45 to reach ₹317.35.

Ambuja Cements Ltd rose 0.60% or by ₹3.10 to reach ₹518.25.

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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.

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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ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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