Adani Group Stocks Soar Amid Controversy

Shares of Adani Group firms surged on Wednesday, recovering from previous losses. Key stocks like Adani Total Gas and Adani Power soared nearly 20%. Meanwhile, Gautam Adani and associates face charges of securities and wire fraud, but not under the US Foreign Corrupt Practices Act. The allegations involve solar power contracts linked to AGEL.

On Wednesday, shares of Adani Group companies experienced a notable surge, reversing prior day losses. Adani Total Gas and Adani Power stocks both soared close to 20%, indicating a strong market recovery. Other significant gainers were Adani Enterprises and Adani Energy Solutions, both seeing double-digit growth on the BSE.

The stock rally increased the cumulative market value of Adani Group firms by an impressive Rs 1,24,693.19 crore. Stocks like Adani Power and Adani Total Gas hit their upper circuit limits, reflecting enthusiastic investor sentiment. The broader market also saw gains, with the BSE Sensex and NSE Nifty indices climbing steadily.

Amid this financial upswing, Adani Group is embroiled in legal challenges in the US. While Gautam Adani and key executives are not charged under the US Foreign Corrupt Practices Act, they face serious allegations of securities and wire fraud. These charges emanate from alleged bribe payments related to AGEL's solar power projects.

(With inputs from agencies.)