Adani Green Energy Shares Surge 9% Amid US Allegations

New Delhi, Dec 2 (PTI) Shares of Adani Green Energy jumped 9 per cent on Monday morning after Adani group chairman Gautam Adani said his conglomerate was committed to compliances and "every attack makes us stronger" amid recent allegations and his indictment in the US.

The stock of Adani Green Energy Ltd surged 9 per cent to Rs 1,445 on the BSE.

Among other group firms, shares of Adani Ports climbed 2 per cent, Ambuja Cements went up by 1.33 per cent, ACC (1 per cent) and Sanghi Industries (1 per cent).

However, group stocks, including Adani Total Gas, Adani Energy Solutions, Adani Enterprises and Adani Power were trading lower.

Adani Total Gas was trading at Rs 774.45, down 4.57 per cent, Adani Energy Solutions (at Rs 805.60, decline of 4.16 per cent), Adani Enterprises (Rs 2,428.20, a fall of 1.38 per cent) and Adani Power (at Rs 546.50, lower by 1.45 per cent) on the BSE.

Coming out in public for the first time after recent allegations and his indictment in the US, Adani group chairman Gautam Adani on Saturday said his conglomerate was committed to compliances and "every attack makes us stronger".

"Less than two week back, we faced a set of allegations from the US about compliance practices. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger," he said addressing the 51st Gems and Jewellery Award in Jaipur.

On November 20, 2024, the United States Department of Justice and the US Securities and Exchange Commission (SEC) issued an indictment and a civil complaint in the New York district court against Gautam Adani, Sagar Adani and Vneet Jaain, key functionaries of Adani Green Energy Ltd (AGEL).

AGEL is at the heart of allegations of USD 265 million bribes allegedly being paid to Indian officials to secure solar power sale contracts that could bring in USD 2 billion of profits over a 20-year period to the firm.

The Adani Group last week denied all allegations as baseless and said it would seek legal recourse to defend itself.