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.

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