Adani Green Energy, the Adani Group firm at the center of a U.S. indictment controversy, saw its shares surge as much as 19% on Friday. Other Adani Group companies, including Adani Energy and Adani Total, also saw significant gains, with Adani Total climbing as much as 7.2% since the indictment. The Adani Group's stock prices have risen following a statement denying bribery allegations against its chairman, Gautam Adani.
The stocks have recovered substantially since their steep drop on November 21, when they fell over 18% to 1,145.70 rupees. The recent rebound reflects a cautious improvement in investor sentiment, according to Mohit Mirpuri, an equity fund manager at SGMC Capital. However, volatility is expected to continue as the case progresses
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