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Shares of Adani Group Companies Soar After U.S. Indictment

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Adani Group News

Gautam Adani,Indictment,Energy

Shares of the 11 companies that operate under giant Indian industrial conglomerate Adani Group, soared on Wednesday, a week after Gautam Adani, founder and chairman of Adani, and other executives were indicted in New York

for their alleged roles in a multi-million-dollar bribery and fraud scheme. Leading the rally was Adani Total Gas, which surged 15.7%, Adani Energy Solutions and Adani Green Energy zoomed 10%, Adani Power jumped 7.0%, and Adani Enterprises climbed 1.7%per cent on the BSE. The shares were traded on heavy volume, with Adani Energy Solutions and Adani Green Energy hitting their highest trading permissible limit for the day. The Adani Group is not a stranger to controversy.

To allay investor concerns, Adani Group sold Rs 15,446 crore $1.9B worth of shares in four of its companies to US-based equity fund GQG Partners and also held multiple roadshows in London, Dubai, Hong Kong and Singapore, among other locations. The measures appear to have worked and the shares fully recovered. Adani’s indictment in the United States leaves his plans for the country hanging in the balance.

 

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