Adani Group shares bounced back on Monday morning, showing a recovery despite serious allegations of bribery and fraud leveled against its chairman, Gautam Adani, and seven associates by US prosecutors. The shares of several Adani Group companies, including Adani Enterprises, Adani Ports, and Adani Green, posted gains in early trading.
Early Market Performance:
- Adani Enterprises (ADANIENT): Rs 2,270.75, up 1.92% (+42.75)
- Adani Green Energy (ADANIGREEN): Rs 1,081.00, up 2.78% (+29.20)
- Adani Ports (ADANIPORTS): Rs 1,166.80, up 2.64% (+30.05)
- Adani Total Gas (ATGL): Rs 624.10, up 2.46% (+15.00)
- Adani Power (ADANIPOWER): Rs 466.15, up 1.24% (+5.70)
- Adani Transmission (ADANIENSOL): Rs 680.85, up 4.92% (+31.90)
- Adani Wilmar (AWL): Rs 296.00, up 1.25% (+3.65)
Allegations Against the Group:
On Sunday, a plea was filed in the Supreme Court to bring charges of bribery and fraud against Adani Group chairman Gautam Adani and other executives, based on allegations by US prosecutors. Key points include:
- Bribery Allegations: Adani and his associates are accused of orchestrating a $265 million bribery scheme to secure solar energy contracts in India, expected to generate $2 billion in profits over two decades.
- Securities Fraud: The US Securities and Exchange Commission (SEC) has accused the Adani Group of issuing false statements to raise $2 billion in loans and bonds.
- Denial by Adani Group: The conglomerate has categorically denied the allegations, describing them as “baseless” and an attempt to damage its reputation.
