Adani Group stocks surge up to 14% on reports of Gautam Adani’s representatives meeting Trump officials
Adani Group stocks today: Adani Group stocks on Monday saw significant gains of up to 14% after reports emerged of meetings between Gautam Adani representatives and US President Donald Trump‘s administration officials. The discussions centred on seeking dismissal of criminal charges in a bribery investigation, as reported by Bloomberg News.
The market response saw Adani Enterprises shares increase by 8.5%, whilst Adani Total Gas recorded a 14% surge. Other group companies, including Adani Ports, Adani Power, Adani Energy Solutions, and Adani Green Energy, witnessed gains ranging from 7% to 10%. Additionally, Ambuja Cements and ACC showed improvements of up to 3%.
Bloomberg reported that these discussions, which were initiated earlier this year, have intensified recently. A resolution could potentially be reached in the upcoming month if current progress continues. The Adani team’s position suggests that the prosecution does not align with the current administration’s priorities.
In November, US authorities filed charges against Gautam Adani and his nephew, Sagar Adani, regarding alleged bribery in Indian power supply contracts and misleading US investors during fundraising activities. The SEC summoned both individuals, citing allegations of paying substantial bribes to Indian officials whilst misrepresenting antibribery compliance during Adani Green Energy’s $750 million bond offering.
Reuters reported that the US Securities and Exchange Commission had sought assistance from India’s Ministry of Law and Justice in investigating Gautam Adani and Sagar Adani regarding alleged securities fraud and a $265 million bribery scheme.
Federal prosecutors in Brooklyn previously revealed an indictment accusing Adani of official bribery to secure electricity purchases from Adani Green Energy, whilst providing misleading information to US investors about the company’s anti-corruption practices.
The Adani Group maintains that these allegations are “baseless” and has stated its intention to pursue “all possible legal recourse.”
The alleged bribes were intended to obtain profitable solar power agreements, expected to generate $2 billion in profits across two decades. The legal notice stated: “Within 21 days after service of this summons on you (not counting the day you received it)… you must serve on the plaintiff (SEC) an answer to the attached complaint or a motion under Rule 12 of the Federal Rules of Civil Procedure.” The notice additionally specified that non-response would result in a default judgement, as reported by PTI.
