Adani Group Stocks Mostly Rise After US Drops Fraud Charges Against Gautam Adani

Mumbai, May 19: Shares of Adani Group companies, except Adani Ports and Special Economic Zone, mostly rose on Tuesday after the United States moved to drop criminal fraud charges against billionaire chairman Gautam Adani, boosting investor sentiment around the conglomerate that has been under intense scrutiny since the Hindenburg allegations in 2023.

Adani Enterprises, the flagship, jumped after the US dropped criminal fraud charges against billionaire chairman Gautam Adani. Source: NSE 

Flagship Adani Enterprises rose almost 2% at Rs 2,739, while other group firms mostly gained. Adani Green Energy rose 3.6% at Rs 1,419 while Adani Ports and Special Economic Zone edged down 0.14% at Rs 1,785. Adani Energy Solutions edged up 0.6% at Rs 1,336.

The rise came after the US Justice Department moved to dismiss criminal fraud charges linked to allegations that Adani and associates paid about $265 million in bribes to Indian officials to secure solar energy contracts and misled US investors while raising funds.

Adani Green Energy rallied as investors cheered the company linked to the U.S. bribery allegations. Source: NSE

Separately, one of the group’s companies agreed to pay $275 million to settle allegations related to imports of Iranian-origin liquefied petroleum gas in violation of US sanctions. The Adani Group did not admit wrongdoing while strengthening compliance systems.

The development marks a major relief for the conglomerate, which has faced legal and regulatory pressure globally over the past two years. The earlier investigations and allegations had weighed heavily on investor confidence and fundraising plans, while also triggering sharp volatility across group stocks.

Tuesday’s rise reflected expectations that the removal of legal uncertainty in the United States could improve the group’s ability to access capital markets and revive overseas expansion plans. Reports also indicated that proposed investments worth nearly $10 billion in the US had remained on hold pending resolution of the legal issues.

The gains in Adani stocks also helped support broader Indian market sentiment at a time when global equities remain under pressure from elevated crude oil prices, geopolitical tensions in the Middle East and rising bond yields.

The Adani Group has consistently denied allegations of wrongdoing in the various cases against it. The latest US move is being viewed by investors as a significant overhang removal for the conglomerate’s listed companies.

Market participants will now watch whether the easing of legal concerns translates into stronger institutional flows and improved operational momentum across Adani Group firms in the coming quarters.

Source:
https://www.nseindia.com/get-quote/equity/ADANIENT/Adani-Enterprises-Limited, https://www.nseindia.com/get-quote/equity/ADANIGREEN/Adani-Green-Energy-Limited, https://www.nseindia.com/get-quote/equity/ADANIPORTS/Adani-Ports-and-Special-Economic-Zone-Limited, https://www.nseindia.com/get-quote/equity/ADANIENSOL/Adani-Energy-Solutions-Limited