Adani Shares: Despite the US accusation, on Friday 29 November 2024, out of the 11 companies of Adani Group listed in the stock market, the stocks of 9 rose. The biggest thing is that the stock of Adani Green Energy jumped more than 21%. On the Bombay Stock Exchange (BSE), the stock of Adani Green Energy rose 21.72%, Adani Energy Solutions 15.56%, Ambuja Cements 3.73%, Adani Ports 1.94%, ACC 1.59%, Adani Total Gas 1.03%, Adani Enterprises 1.02%, NDTV 0.60% and Adani Wilmar stock rose 0.05%. However, Adani Power stocks fell 1.01% and Sanghi Industries stocks fell 0.45%.
Adani Group is getting support from all quarters
Earlier, Abu Dhabi’s International Holding Company (IHC) expressed confidence that it would not change its view on investing in Adani Group despite the allegations against Adani Group’s founder chairman Gautam Adani in the US. Sri Lanka Ports Authority and the Tanzanian government have also said that they will give full support to Adani Group. Adani Group says that industrialist Gautam Adani and his nephew Sagar Adani have not been accused of violating the US Foreign Corrupt Practices Act (FCPA) in the alleged bribery case, but they have been charged under securities fraud. Financial penalties can be imposed in this.
Adani Group will resort to law against US allegations
Adani Green Energy Limited (AGEL) is accused of paying a bribe of $265 million to Indian government officials to get the contract of solar energy cell. This could have benefited the company by about US $ 2 billion over 20 years. According to the company, three AGEL officials have been charged only with conspiracy to commit securities fraud, conspiracy to commit wire fraud and securities fraud. Generally, the penalties for such charges are less severe than bribery. Adani Group has rejected all the charges and said that it will take every possible legal route.
Disclaimer: Newsplustoday does not give any suggestion for any purchase or sale related to the stock market. We publish market related analysis quoting market experts and brokerage companies. But take market related decisions only after consulting certified experts.