MUMBAI: Adani Group’s statement on the case brought by the US Department of Justice against its chairman and some executives helped revive investor interest in the group companies’ stocks on Wednesday, sending their prices up as much as 20 percent. increased. As a result, the group’s total market capitalization increased by about Rs 1.2 lakh crore, BSE data showed.
on wednesday, Adani Green Energy – for which group executives are accused of arranging bribes to win business between 2020 and 2024 – told the stock exchange that its chairman Gautam Adanihis nephew Sagar Adani and another executive were not charged by the USDOJ with violating the country’s Foreign Corrupt Practices Act. Instead, “(the) directors are charged with three counts in the criminal indictment, namely, the alleged securities fraud conspiracy, the alleged wire fraud conspiracy, and the alleged securities fraud.”
The clarifications from the company came just before markets opened for trading. As a result, both Adani Total Gas And Adani Power closed with maximum possible intraday gains of 20% on BSE. Group flagship Adani Enterprises closed up 11.6%, while Adani Green Energy and Adani Energy Solutions Both closed at 10% upper circuit limit.
Among other group companies, NDTV closed 9.3 percent higher, Adani Wilmar 8.5 percent and Adani Ports 6.3 percent higher. The total market value of the group increased from Rs 1.2 lakh crore to Rs 12.6 lakh crore. However, the group’s total market value is still around Rs 1.7 lakh crore, a day ahead of the Rs 14.3-lakh crore mark it had hit before the USDOJ made the allegations public.
Earlier, the group had denied all allegations in indictment papers by the US Department of Justice.