News Formal

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

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 21 sec. here
  • 5 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 68%

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 34. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

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

India's Adani Group Plans $10B Investment in American EnergyGautam Adani, founder and chairman of Indian industrial conglomerate Adani Group, said in a social media post platform X on Wednesday that the company will invest $10 billion in energy and infrastructure projects in the United States.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Greenhous Group hailed as one of fastest-growing private companiesShropshire-based Greenhous Group has appeared on the 2024 E2E Top 100 Dynamic Business list as featured in The Independent.
Source: ShropshireStar - 🏆 98. / 51 Read more »