Adani group stocks surge up to 16% post clarification by Adani Green; Adani Total Gas top gainer

Stock Market Today: Adani group stocks rebounded on Wednesday, gaining up to 16% post clarification issued by Adani Green Energy regarding bribery charges against Gautam Adani and others.

Adani Total Gas share price surged 16% and was the top gainer, followed by Adani Power and Adani Green, whose share price skyrocketed up to 8%.

Adani Group stocks rise up to 10%

Adani Green Energy share price gained up to 8% while Adani Enterprises share price gained more than 7% during intraday trades on Wednesday. Adani Power Ltd gained 8% and Adani Total Gas skyrocketed almost 16%. Among others, Adani Wilmar, Adani Posts and Special and Special Economic Zone, Ambuja Cements, ACC and New Delhi Televisions saw gains of up to 5%.

Clarification by Adani Green

Adani Green Energy Ltd in a release on the exchanges said that “Gautam Adani, Sagar Adani and Vineet Jain have not been charged with any violation of the FCPA (United States Foreign Corrupt Practices Act) in the counts set forth in the indictment of the US DOJ (United States Department of Justice) or civil complaint of the US SEC (U.S. Securities and Exchange Commission)”.

These directors have been charged on three counts in the criminal indictment namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud, said the release.

Adani Power, Adani Green leads the gains

Adani Power share price opened at ₹435.50, slightly lower than the previous close of ₹437.75. Adani Power share price thereafter gained more than 8% to ₹485 levels during the intraday trades. Adani Green Energy share price skyrocketed and gained up to 10% too. Adani Total Gas share price gained 15.85% to ₹671.60.

Adani Enterprises also gained more than 7%. 

In another development, Adani Enterprises intimated exchanges that April Moon Retail Private Limited (“AMRPL”), a joint venture company of Adani Airport Holdings Limited (“AAHL”), which is a wholly-owned subsidiary of the company, has completed the contemplated acquisition of 74% stake of Cococart Ventures Private Limited (“CVPL”) and thereby CVPL becomes joint venture of AAHL and Adani Enterprises.

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