Adani Stocks Soar as Group Denies Bribery Allegations in U.S. Indictment

Adani Energy rose as much as 14.4% on Friday while Adani Total surged as much as 7.2% — it has gained 43% since the selloff following the indictment.

The 62-year-old billionaire was accused of paying over $250 million in bribes to Indian government officials to secure solar energy contracts that could generate more than $2 billion in profits. While those developments would"hurt Adani's credibility and growth prospects," the conglomerate enjoyed"strong government backing and sufficient liquidity to back their borrowings," said Arpit Chaturvedi, an advisor with Teneo's geopolitical risk advisory team.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Adani Green soars 19% as group stocks recover sharply amid ongoing U.S. legal challengesShares in India's Adani Group have been rallying on the back of the group's statement refuting bribery charges against its billionaire chairman, Gautam Adani.
Source: CNBC - 🏆 12. / 72 Read more »

Asia stocks dip as Nvidia brings little cheer; India slides amid Adani scandalAsia stocks dip as Nvidia brings little cheer; India slides amid Adani scandal
Source: Investingcom - 🏆 450. / 53 Read more »

Adani stocks tumble, hit lower circuit on US bribery, fraud chargesAdani stocks tumble, hit lower circuit on US bribery, fraud charges
Source: Investingcom - 🏆 450. / 53 Read more »