Adani Group Stocks Surge After Refuting Bribery Charges

📆 29/11/2024 04:19 a. m.
📰 NBCLA

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Adani Group,Stock Market,Bribery Charges

Following a statement refuting bribery charges against its chairman, shares in Adani Green Energy, Adani Energy, and Adani Total have seen significant gains. Adani Green Energy's stock jumped as much as 19%, with Adani Energy rising up to 14.4% and Adani Total surging as much as 7.2%. These increases come after substantial losses during a selloff following the 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.

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Adani Stocks Soar as Group Denies Bribery Allegations in U.S. IndictmentAdani Green Energy saw its shares increase by up to 19% following the company's denial of bribery charges. Adani Energy and Adani Total also gained, reflecting a cautious optimism among investors despite ongoing legal challenges.
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