Adani Group Stocks Surge Amidst Legal Challenges, Market Volatility

Five of the 11 Adani Group companies witnessed a notable rise in their stock prices despite legal and market challenges. Adani Total Gas led the surge with nearly a 16% increase. Meanwhile, the US DOJ filed charges against three Adani Green Energy executives, but none under the FCPA.

In a volatile market environment, shares of the Adani Group displayed resilience, with five out of 11 listed firms closing with significant gains on Thursday. Adani Total Gas led the charge, soaring nearly 16%, while Adani Energy Solutions and Adani Green Energy both appreciated by 10%.

Contrastingly, the BSE benchmark Sensex plummeted by 1,190.34 points, or 1.48%, indicating a broader market downturn. The gains for Adani Group come at a time when the US Department of Justice has indicted three executives from Adani Green Energy on securities fraud conspiracy charges, albeit excluding bribery allegations.

The Adani Group's legal woes did not deter Abu Dhabi's International Holding Company (IHC) from maintaining confidence in the conglomerate's sustainable energy initiatives. IHC expressed continued support and emphasized its unchanged investment outlook despite the ongoing legal issues.

(With inputs from agencies.)