Stock Market Today: Adani Green Energy share price gained up to 9% in morning trades on Monday. Adding to gains in last 3 sessions the the stock is up almost 50% in last 4 sessions.
Adani Green Energy share price opened at ₹1364.00 on the BSE on Monday, almost 3% higher than previous close of ₹1324.55. The Adani Green energy share price thereafter gained further to intraday highs of ₹1445, marking gains of 9%.
Adani Green share price thar had closed at around ₹897 levels on the 26 November 2024, however has been rising thereafter and is up almost 50% in 4 trading sessions.
The Adani green share price has been rising post clarification issued by the company refuting the bribery charges against its Chairman Gautam Adani and other group officials in the US.
Adani Green Energy Ltd in a release on the exchanges had 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)”
As per Adani Green Energy’s release on the exchanges, its 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.
In the meanwhile various business entities have also backed Adani Group stocks. The second significant investor after CQG Partners to reaffirm their faith in the Adani group was the International Holding Company (IHC), the investment arm of Abu Dhabi’s ruling family.
The rating agencies too have affirmed their ratings. Among various rating agencies, Fitch Ratings placed Long-Term Foreign-Currency Issuer Default Rating and US dollar senior unsecured bonds of Adani Green Energy on Rating Watch Negative but reaffirmed the rating at “BBB-“.
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