Shares of 9 out of 11 companies listed in the market of Adani Group were bullish in this morning’s trading. Adani Total Gas’ share on BSE is 18.58 percent, Adani Power 11.44 percent, Adani Energy Solutions 9.99 percent, Adani Green Energy 9.99 percent, Adani Enterprises 5.32 percent, NDTV 3.35 percent, Adani Wilmar 3.17 percent, Adani Ports 2.25 percent and share of Sanghi Industries Rised 2.19 percent.
Shares of Adani Energy Solutions and Adani Green Energy also touched their high for the day. However, shares of ACC and Ambuja Cements are trading with a slight decline. Meanwhile, BSE Sensex traded 688.82 points down at 79,545.26 points and NSE Nifty slipped 222.20 points at 24,052.70 points.
Why did Adani Group rise?
Adani Green Energy Limited had said in a statement issued on Wednesday that billionaire Gautam Adani and his nephew Sagar Adani have not been charged with violating the US Foreign Corrupt Practices Act (FCPA) in the alleged bribery case. Rather, he has been charged with securities fraud, which can carry monetary penalties. AGEL is accused of paying bribes worth US$265 million to Indian officials to win the solar power sales contract, which could have provided the company with a profit of US$2 billion over a 20-year period.
The company said the three AGEL executives have been charged only with conspiracy to commit securities fraud, conspiracy to commit wire fraud and securities fraud. Generally the penalties for such charges are less severe than for bribery. Last week, Adani Group had rejected all the allegations and said that it will adopt all possible legal means to defend itself.