Adani Group stocks surge after group issues clarification

Shares of ten Adani group stocks rose by 4.26% to 19.76% after Adani Green Energy clarified that key figures, including Gautam Adani and his associates, have not been charged with violations of the US Foreign Corrupt Practices Act (FCPA).

Adani Total Gas (up 19.76%), Adani Power (up 19.66%), Adani Enterprises (up 11.56%), Adani Energy Solutions (up 10%), Adani Green Energy (up 10%), NDTV (up 9.35%), Adani Wilmar (up 8.46%), Adani Ports and Special Economic Zone (up 6.29%), Ambuja Cements (up 4.40%) and ACC (up 4.26%) surged.

In a statement, Adani Green Energy Limited (AGEL) addressed recent media reports suggesting that Gautam Adani, Sagar Adani, and Vneet Jaain had been charged with FCPA violations. The company categorically denied these claims, stating that the charges outlined in the US Department of Justice (DOJ) indictment and the US Securities and Exchange Commission (SEC) civil complaint do not involve allegations of bribery or corruption against these individuals.

 

"Such statements are incorrect. Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC," AGEL said in a statement on Wednesday in response to media reports that said the group has been accused of violating the US FCPA.

The company further clarified that these individuals have been charged on three counts in the criminal indictment: alleged securities fraud conspiracy, alleged wire fraud conspiracy, and alleged securities fraud.

Regarding potential financial implications due to penalties, AGEL stated that the indictment does not specify any quantum of fines or penalties.

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