Nine Adani Group Firms Trade Higher, Adani Total Soars Nearly 19 Pc

New Delhi: Shares of nine of the 11 listed Adani Group firms were trading higher during morning trade on Thursday, with Adani Total Gas soaring nearly 19 per cent. The stock of Adani Total Gas soared 18.58 per cent, Adani Power zoomed 11.44 per cent, Adani Energy Solutions jumped 9.99 per cent and Adani Green Energy surged 9.99 per cent on the BSE. Shares of Adani Enterprises climbed 5.32 per cent, NDTV (3.35 per cent), Adani Wilmar (3.17 per cent), Adani Ports (2.25 per cent) and Sanghi Industries (2.19 per cent). 

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Adani Energy Solutions and Adani Green Energy also hit their highest trading permissible limit for the day. However, ACC and Ambuja Cements were trading marginally lower. The BSE benchmark Sensex traded 688.82 points lower at 79,545.26 and the NSE Nifty quoted 222.20 points lower at 24,052.70. On Wednesday, shares of all Adani Group firms ended sharply higher, with Adani Total Gas and Adani Power soaring nearly 20 per cent. Embattled billionaire Gautam Adani and his aides have not been charged under the US Foreign Corrupt Practices Act, an Adani Group entity said on Wednesday, adding that they faced three other charges, including securities and wire fraud that are punishable with monetary fines.

US DOJ Indictment Does Not Link Gautam Adani or Executives to FCPA Violations, Says AGEL

The US Department of Justice's (US DOJ) indictment filed in a New York Court last week does not mention Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar, or Vneet Jaain in any count related to conspiracy to violate the FCPA, Adani Green Energy Ltd (AGEL), said in a stock exchange filing. AGEL is at the heart of the allegation of USD 265 million bribes being paid to Indian officials to secure solar power sale contracts that could bring in USD 2 billion of profits over a 20-year period to the firm. 

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The three executives at AGEL have only been charged with securities fraud conspiracy, wire fraud conspiracy, and securities fraud, the company said. In general, the penalties for such charges are less severe than bribery. Adani Group had last week denied all allegations as baseless, and said it would seek legal recourse to defend itself.