Adani Stocks Rise Following Clarification, Led by Adani Power, Green Energy, and Enterprises

Shares of Adani Group companies bounced back on Wednesday, with some stocks jumping as much as 6%, after Adani Green Energy Ltd. issued a public clarification addressing media reports about bribery allegations. These reports had linked Adani executives, including chairman Gautam Adani, to charges under U.S. anti-corruption laws.

Here’s the breakdown: Adani Green Energy’s stock rose by up to 4%, Adani Enterprises gained more than 4%, and Adani Power led the pack with a 6% surge. Adani Total Gas followed closely, climbing nearly 5%. Other group companies like Adani Wilmar, Adani Ports, Ambuja Cements, ACC, and NDTV saw their shares rise by up to 3%.

So, what sparked this rebound? The clarification from Adani Green Energy addressed claims that executives like Gautam Adani, Sagar Adani, and Vineet Jain were implicated under the U.S. Foreign Corrupt Practices Act (FCPA). The company denied these allegations, stating clearly: “Gautam Adani, Sagar Adani, and Vineet Jain have not been charged with any FCPA violations by the U.S. Department of Justice (DOJ) or the Securities and Exchange Commission (SEC).”

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Instead, Adani Green Energy explained that the individuals actually named in the DOJ indictment were officials from Azure & CDPQ—not anyone from the Adani Group. The statement also emphasized that the DOJ’s case doesn’t specify any fines or penalties against the company or its executives.

The clarification brought relief to investors after a rough day on Tuesday, when the group’s stocks fell following Moody’s decision to downgrade the credit outlook for seven Adani companies. Wednesday’s recovery saw Adani Energy Solutions rise by nearly 3% to ₹619.15, Adani Power add 1.86% to ₹445.90, and Adani Enterprises climb 1.64% to ₹2,185.

The company reiterated its stance, calling the bribery allegations “inaccurate.” It added, “The media reports suggesting that Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vineet Jain are charged under the FCPA are false. They are not named in any counts related to bribery, corruption, or conspiracy.”

Even so, ratings agencies like S&P Global have cautioned that such allegations could hurt the group’s ability to secure funding and might drive up borrowing costs. Despite this, other Adani stocks also saw modest gains. Adani Total Gas rose by 1.78% to ₹590, and Adani Wilmar edged up 0.90% to ₹292.95. Adani Green Energy, meanwhile, stayed steady at ₹899.10.

Also read Adani Green Denies Bribery Allegations Amid Fraud Charges

In its final clarification, Adani Green Energy stated that its directors were not linked to bribery charges but were mentioned in relation to three alleged offenses: securities fraud conspiracy, wire fraud conspiracy, and securities fraud. While the case does mention possible civil monetary penalties, no specific amounts have been disclosed.