Adani Green Share Price Today: Why Are Adani Stocks Rising?

Says after witnessing a massive fall on the backdrop of allegations by a US Court, shares of all Adani Group firms were trading in the green during the morning markets on Wednesday, November 27. The stock price of Adani Energy Solutions climbed back from the previous day, with shares going up by approximately 8 per cent, bouncing back from the previous day's fall.

The stock of Adani Energy Solutions soared 7.71 per cent, Adani Power surged 5.96 per cent, Adani Total Gas rallied 4.70 per cent, Adani Green Energy jumped 4.34 per cent and Adani Enterprises climbed 4.15 per cent on the BSE.

On the other hand shares of NDTV shot up 3.61 per cent, Adani Wilmar climbed 2.78 per cent while Ambuja Cements (1.92 per cent), Adani Ports (1.67 per cent), Sanghi Industries (1.71 per cent) and ACC (1.37 per cent) also registered notable gains.

On Tuesday, shares of all Adani group firms ended lower, with Adani Green Energy tumbling 7 per cent.

Adani Group Stocks Rise: Adani's Latest Stock Filing

The latest rally in Adani shares is attributed to the clarification from the Adani Group that the charges framed in the US Court are ‘allegations’. In a stock exchange filing, Adani Green Energy Ltd said reports saying the three have been charged with FCPA violations "are incorrect". "Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC. 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," Adani Green Energy said in an exchange filing.

Adani Group Stocks Rise: Two senior lawyers back Adani Group

Adani Group has denied all allegations as baseless and said it will take all possible legal recourse to defend itself. Besides, two senior advocates, namely Mukul Rohatgi and Mahesh Jethmalani backed the Adani Group and said that there was no concrete evidence in the claims by the US authorities. "There is no evidence to support the charges, and all this noise being made by the Congress holds no grounds," said Jethmalani.