Shares of Adani Green Energy soared by 25.15% this week, closing at ₹1,323.90 on November 29, 2024. The stock witnessed significant gains during the last trading session of the week, rising 21.77% on Friday after strong midweek momentum, with a 10% increase on both November 27 and November 28.
The rally in Adani Green Energy and other Adani Group stocks came after the group clarified allegations of bribery charges against its executives. The company stated that no charges were made under the US Foreign Corrupt Practices Act (FCPA) and strongly denied all allegations of securities fraud or wire fraud. The Adani Group has dismissed these claims as baseless and assured stakeholders of pursuing all necessary legal actions.
The clarification boosted investor confidence, leading to sharp recoveries across Adani Group companies.
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