Adani Group stocks experienced a significant rally, with their combined market capitalization increasing to 18.37 lakh crore. This surge, up to 3% for some companies, followed a US federal court's dismissal of a criminal case against billionaire Gautam Adani and his nephew Sagar Adani.
The case, initiated in late 2024, alleged a $265 million bribery scheme involving Indian government officials to secure solar power contracts. Prosecutors claimed the Adanis concealed this arrangement from investors while raising capital in the US. However, the Adani Group consistently denied the allegations, maintaining adherence to governance and compliance practices.
Individual company performances reflected the positive market sentiment. Adani Green Energy led the gains with a 3.4% rise to 1,416.90 rupees. Adani Enterprises jumped 1.72% to 3,062 rupees, and Adani Ports & Special Economic Zone gained 1.4%. Other group companies like Adani Energy Solutions, Adani Power, Adani Total Gas, NDTV, ACC, and Ambuja Cements also saw increases ranging from 0.5% to 2%.
The dismissal of the criminal charges, made with prejudice by US District Judge Nicholas Garaufis, means the charges cannot be refiled. This decision followed the US Department of Justice's request to drop the case after determining they could not sustain the allegations. Separately, the US Securities and Exchange Commission (SEC) settled civil allegations related to investor disclosures for solar power projects, with Gautam Adani agreeing to pay $6 million and Sagar Adani $12 million without admitting or denying wrongdoing.
Gautam Adani expressed gratitude for the court's decision, reiterating his faith in truth, fairness, and the rule of law. He also thanked those who supported the group, emphasizing their commitment to national development, value creation, and serving a larger purpose.
