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Shares of Adani Green Energy, Adani Energy Solutions, and Adani Total Gas surged by 6-14% on November 29, following their inclusion in the National Stock Exchange’s futures and options (F&O) segment. Adani Green led the gains with a 14% increase, while Adani Energy Solutions rose by 12% and Adani Total Gas by nearly 6%. The F&O inclusion significantly boosted trading volumes, with over half of their one-month daily averages traded within the first hour.
GQG Partners' share price has fallen significantly following bribery charges against Gautam Adani and other executives, raising concerns about the firm's investments in Adani Group companies. Despite holding substantial stakes, GQG claims over 90% of client assets are in unrelated issuers. The long-term impact on GQG's reputation and fundraising efforts remains uncertain, prompting a reassessment of their trading strategy.
India's benchmark indices closed higher on November 27, with the Sensex gaining 230.02 points to reach 80,234.08 and the Nifty rising 82.20 points to 24,276.7, amid a volatile trading session. Adani Group stocks surged up to 12% following news that the chairman and his aides were not charged under the US Foreign Corrupt Practices Act, adding Rs 1.2 lakh crore to the group's market capitalization. Meanwhile, European markets and US equity futures declined as investors assessed recent US cabinet appointments and awaited key economic data for insights on interest rate trends.
Adani stocks surged by up to 7% following a clarification from Adani Green Energy regarding recent bribery allegations against founder Gautam Adani. The company stated that neither Gautam Adani, Sagar Adani, nor Vneet Jaain face any bribery or foreign corruption charges under the FCPA, but rather allegations pertain to securities fraud conspiracy and wire fraud conspiracy.
Adani Green Energy Limited clarified that its executives, including Gautam Adani, Sagar Adani, and Vneet Jaain, are facing charges related to alleged securities fraud conspiracy and wire fraud conspiracy, but not bribery or corruption under the US Foreign Corrupt Practices Act. The company emphasized that there are no allegations of FCPA violations against them, countering recent media reports.
Gautam Adani and his associates have not been charged under the US Foreign Corrupt Practices Act, according to a statement from Adani Green Energy Ltd. The Department of Justice's indictment does not include any mention of Gautam Adani, Sagar Adani, or Vneet Jaain in relation to FCPA violations.
Adani Group faces escalating challenges as U.S. authorities indict its founder on bribery and fraud charges, leading to a significant selloff in its stocks and bonds. Major partners, including TotalEnergies and the Kenyan government, have halted investments, while the U.S. International Development Finance Corp reviews its agreements with the conglomerate. The situation has prompted scrutiny from Indian regulators and calls for further investigation into the group's financial practices.
GQG Partners, which holds nearly 20% in Adani Group companies, stated that recent U.S. actions will not materially impact the conglomerate's businesses. The firm believes that, apart from Adani Green Energy, the companies are well-positioned and do not require additional capital at this time. Meanwhile, Gautam Adani faces indictment in New York over a $265-million bribery scheme.
TotalEnergies has announced it will cease new investments in Adani Group companies due to ongoing federal indictments against Chairman Gautam Adani and his nephew. The company emphasized its stance against corruption and stated that no new financial contributions will be made until the allegations are clarified. TotalEnergies currently holds a 19.75% stake in Adani Green Energy Limited and significant stakes in other Adani ventures.
Gautam Adani and seven others face U.S. bribery charges linked to a single contract of Adani Green Energy, representing about 10% of its business. The group’s CFO emphasized that no other companies within the conglomerate are implicated, while the indictment has already impacted share prices and led to the cancellation of significant deals in Kenya. Adani has denied the allegations, calling them baseless, and plans to provide further comments pending legal approval.
Adani Green Energy Limited
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