Shares of the Adani Group, which had seen a sharp decline last Friday, surged today, recovering a significant portion of their lost market capitalization. The group’s flagship companies—Adani Enterprises, Adani Ports, and Adani Green—rose by up to 6%.
Market Recovery Following Legal Developments
New Delhi: India’s third-largest industrial conglomerate witnessed a strong rebound in its stock prices today. Adani Enterprises gained 5.5% to hit an intraday high of ₹1,965 per share on the BSE, Adani Ports rose 4.5% to ₹1,368, and Adani Green climbed 6% to ₹818 per share. Adani Total Gas shares increased 3.4% to ₹535, while cement giants Ambuja Cements and ACC rose by up to 2%.
The recovery comes after Gautam Adani and his nephew Sagar Adani, through their legal representatives, filed their first petition in court this week. Media reports suggest that this indicates a willingness to engage in discussions regarding the summons, which the government had previously declined to deliver twice.
Background of the Case
According to Reuters, the U.S. Securities and Exchange Commission (SEC) sought permission from an American court to serve Gautam and Sagar Adani via email. The allegations involve bribery worth $26.5 million related to green energy contracts in India, and claims that the group concealed these dealings from U.S. investors. The Adani Group has dismissed these allegations as baseless.
The rebound in share prices signals renewed investor confidence amid ongoing legal proceedings, helping the group recover a portion of the ₹1.2 lakh crore market value lost in the previous session.
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