Shares of Adani Power rose by 19.27% this week, closing at ₹554.80 on November 29, 2024. The stock gained notable momentum on November 27, with a 19.51% jump, followed by a 7.26% increase on November 28, reflecting investor optimism.
The rally in Adani Group stocks, including Adani Power, came after the group clarified allegations of bribery charges against its executives. The group emphasized that no charges had been filed under the US Foreign Corrupt Practices Act (FCPA) and denied all claims of securities fraud or wire fraud. The company dismissed the allegations as baseless and assured investors of pursuing legal recourse to address the matter.
This statement restored investor confidence, propelling Adani Group companies’ stock prices higher during the week.
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