Shares of Adani Group companies saw a significant rise of up to 5% in early trading on Tuesday. This surge was driven by improved investor sentiment after recent developments in a US legal case involving group chairman Gautam Adani and his nephew Sagar Adani. Adani Green Energy emerged as one of the top gainers, climbing 5.38% to Rs 1,442 on the BSE.
Meanwhile, Adani Enterprises also experienced a jump of 3%, reaching an intraday high of Rs 2,774 per share on the exchange. Additionally, Adani Energy Solutions traded at Rs 1,361, marking a 2.46% increase from the previous close. Among other group firms, Adani Total Gas shares surged by 4.23% to Rs 635.8, while Adani Power gained 2.48%, trading at Rs 224.70.
The rally in Adani Group stocks followed the US Department of Justice’s decision to drop all criminal charges against Gautam Adani and Sagar Adani in an alleged securities and wire fraud case. The Department of Justice, in a filing before the US District Court for the Eastern District of New York, requested the dismissal of the indictment against the individuals. This move was based on the Department’s decision not to pursue further resources for the criminal charges.
Domestic equity benchmarks Sensex and Nifty also traded higher, showing an increase of up to 0.5% in the morning session.
