Adani Enterprises and Other Group Stocks Surge Up to 3% Amid Reports of US Dropping Charges Against Gautam Adani

US Authorities Consider Resolving Fraud-Related Cases Against Adani Group

Shares of most Adani Group companies surged in Friday's morning trade, with investors optimistic about the possibility of US authorities resolving fraud-related cases against the conglomerate. Gautam Adani, the billionaire founder of the Adani Group, has been at the center of a high-profile controversy in the US.

Adani Enterprises led the gains, rising 2.77 per cent to Rs 2,788.10, followed by Adani Ports and Special Economic Zone, which gained 2.23 per cent to Rs 1,813.00. Adani Total Gas climbed 2.29 per cent to Rs 626.65, while Adani Green Energy advanced 1.36 per cent to Rs 1,434.10. The only exception was Adani Power Ltd, which slipped 0.49 per cent to Rs 223.39.

The rally came after reports from Bloomberg and The New York Times suggested that the US Justice Department may drop criminal charges against Gautam Adani as early as this week. Additionally, the US Securities and Exchange Commission (SEC) is working toward resolving a parallel civil fraud case.

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In the preceding day, Adani Enterprise had rallied 8%, while Adani Green Energy had gained 3.53 per cent on Thursday and 4.49 per cent on Wednesday. Over the past one month, Adani Green Energy has risen by a total of 26 per cent.

Separately, Bloomberg reported that Gautam Adani has agreed to pay $6 million to settle SEC allegations linked to disclosures involving Adani Green Energy. The proposed settlement also includes an agreement by his nephew Sagar Adani to pay $12 million. If finalized, the deal would remove a major legal overhang for the group.

The possible dismissal of the criminal charges comes after Adani's lawyer, Robert Giuffra, presented a 100-page argument to Justice Department officials last month. Giuffra, who is also a personal attorney of US President Donald Trump, argued that the case was weak due to lack of jurisdiction and evidence.

According to Reuters, Giuffra's presentation included a promise by Adani to invest $10 billion in the US and create 15,000 jobs. However, some prosecutors made it clear that the investment would not affect the case.

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