Shares of Adani Group companies experienced a significant rally on Friday, with Adani Green Energy leading the charge by surging nearly 15 per cent, signalling investor resilience amid ongoing legal scrutiny.
Adani Group stocks purge by 15%
The morning trade saw remarkable performance across the Adani portfolio. Adani Energy Solutions soared 13.54 per cent, Adani Total Gas climbed 7.33 per cent, and Adani Power increased by 4.90 per cent. The BSE Sensex and NSE Nifty also demonstrated robust growth, trading 688.31 and 192.65 points higher respectively.
Abu Dhabi’s International Holding Company (IHC), a sovereign fund managing nearly USD 100 billion in assets, has emerged as a key supporter during this challenging period. “Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors,” IHC stated, emphasizing its unchanged investment outlook.
About Adani Bribery charges
The statement comes after a US Department of Justice indictment casts a shadow on the Adani Group. However, the group has firmly denied securities and wire fraud allegations, maintaining that founder Gautam Adani and his associates have not been charged under the US Foreign Corrupt Practices Act.
International support continues to bolster the group’s position. The Sri Lanka Ports Authority expressed ongoing confidence in its partnership, acknowledging Adani’s crucial role in expanding port infrastructure. Similarly, the Tanzanian government reaffirmed its commitment to existing agreements, particularly the 30-year concession for Container Terminal 2 at Dar es Salaam port.
Adani Group addressing concerns over stock exchange
Adani Enterprises has been proactive in addressing concerns, filing a detailed response to stock exchanges. The company emphasized that the allegations are baseless and pledged to pursue legal recourse to defend its reputation.
The stock market’s positive response, coupled with international backing, suggests a resilient outlook for the Adani Group. Investors witnessed gains across multiple Adani-linked companies, including Ambuja Cements (up 2.90 percent), Sanghi Industries (up 2.44 percent), and Adani Ports (up 2.25 percent).
“At this time, our outlook on these investments remains unchanged,” IHC reiterated, sending a strong message of continued support to the Adani Group during this critical phase.
