10-listed Adani Group stocks logged a sharp uptick in Wednesday's afternoon trade. Today's recovery in the share price came after the Indian conglomerate claimed that there were no bribery charges against Gautam Adani and other group executives.
"Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA (Foreign Corrupt Practices Act) in the counts set forth in the indictment of the United States Department of Justice (DOJ) or civil complaint of the US Securities and Exchange Commission (SEC)," Adani Green Energy Ltd (AGEL) informed stock exchanges.
"These directors have been charged on three counts in the criminal indictment namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud," it added. The US indictment does not specify any quantum of any fine or penalty, AGEL further stated.
The fresh charges follow much turmoil for the Adani Group in January last year when US-based short seller Hindenburg Research accused it of using offshore tax havens improperly - a charge that the Indian conglomerate has denied.
On the stock-specific front, all listed Adani stocks recorded a massive rebound today. Adani Total Gas Ltd saw the maximum rise the stock jumped 19.71 per cent to hit a day high of Rs 693.95. Next was Adani Power Ltd's counter which moved up 18.17 per cent to hit a high of Rs 517.30. Then came shares of New Delhi Television Ltd (NDTV) as they gained 13.57 per cent to trade at Rs 187.10.
AGEL, Adani Energy Solutions Ltd (formerly Adani Transmission Ltd) and Adani Enterprises Ltd shares were locked at their respective 10 per cent upper circuit levels.
Adani Ports & Special Economic Zone Ltd, Ambuja Cements and ACC Ltd climbed 8.90 per cent, 6.10 per cent and 5.09 per cent, each.
US authorities last week accused Adani, his nephew and executive director Sagar Adani and managing director of AGEL, Vneet S Jaain, of being part of a scheme to pay bribes to secure Indian power supply contracts and misleading US investors.
The Adani Group has denied the accusations in the US indictment as baseless and said it will seek all legal recourse.