Adani Group stocks, including Adani Green Energy, Adani Power and Adani Ports, rallied up to 8% on Thursday, December 12. The biggest gainers among the pack were Adani Green shares and Adani Power shares which spiked more than 8% each.
Adani Energy Solutions stock price jumped 4.5%, Adani Total Gas shares rallied 5.21%, while Adani Enterprises share price, Adani Ports shares and Adani Wilmar stock rose over 2.4% each.
Key Developments
Adani Group stocks remained in focus as FBI Director Christopher Wray announced his decision to resign at the end of US President Joe Biden’s term in January.
It is to be noted that the Adani Group Chairman Gautam Adani and seven other executives were indicted in the US in an alleged multibillion-dollar bribery and fraud scheme under Wray.
Wray’s resignation will pave the way for President-elect Donald Trump’s nominee Indian-American Kash Patel to take charge of the country’s top investigating agency.
In another key development, Adani Green Energy announced in a regulatory filing that its step-down subsidiary, Adani Green Twenty Five Limited, has commissioned a 250 MW solar power project at Badi Sid in Jodhpur, Rajasthan.
With the commissioning of this plant, Adani Green Energy’s total operational renewable generation capacity has increased to 11,434 MW, the company said.
Adani’s US Indictment
On November 21, the US Attorney’s Office in New York announced it has indicted Adani Group chair Gautam Adani and seven other executives over an alleged years-long scheme to bribe Indian officials.
US prosecutors claim $250 million in bribes were paid to unnamed Indian officials in exchange for favorable terms on solar power contracts awarded to Adani Green Energy Ltd and Azure Power Global Ltd, another New Delhi-headquartered firm.
The Adani Group denied the allegations, calling them “baseless” and reaffirming its commitment to maintaining the highest standards of governance and compliance.
However, support for the Adani Group strengthened after its key investors, the US-based GQG Partners and Abu Dhabi’s International Holding Company (IHC), affirmed their faith in the Indian billionaire Gautam Adani-led ports-to-energy conglomerate.
At 12:20 PM, Adani Green Energy shares were trading 7.06% higher at ₹1,229.15 apiece on the BSE.
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