Adani Green Energy Under Scrutiny for Alleged $265 Million Bribes in Solar Deals
Adani Green Energy shares saw a 9% rise on Monday morning, following a statement from Gautam Adani, the chairman of the Adani Group. He expressed his company’s unwavering commitment to compliance, saying that “every attack makes us stronger” in response to recent allegations and his indictment in the US.
The stock of Adani Green Energy Ltd. rose to Rs 1,445 on the BSE.
Shares of other Adani Group companies also saw gains, with Adani Ports up by 2%, Ambuja Cements rising 1.33%, ACC increasing by 1%, and Sanghi Industries gaining 1%.
While Adani Green Energy shares surged by 9%, other Adani Group stocks, such as Adani Total Gas, Adani Energy Solutions, Adani Enterprises, and Adani Power, experienced declines.
Adani Total Gas dropped by 4.57% to Rs 774.45, Adani Energy Solutions fell 4.16% to Rs 805.60, Adani Enterprises saw a 1.38% decrease to Rs 2,428.20, and Adani Power declined by 1.45% to Rs 546.50 on the BSE.
Gautam Adani, the chairman of the Adani Group, addressed the public for the first time following recent allegations and his US indictment. In a statement on Saturday, he reaffirmed the group’s commitment to compliance, saying, “Every challenge only makes us stronger.” He added, “Just under two weeks ago, we faced allegations about compliance practices from the US. It’s not the first time we’ve encountered such challenges, but we will continue to stand strong.” Adani made these comments during his speech at the 51st Gems and Jewellery Awards in Jaipur.On November 20, 2024, the U.S. The U.S. Department of Justice and the Securities and Exchange Commission (SEC) have filed charges and a civil lawsuit in a New York district court against Gautam Adani, Sagar Adani, and Vneet Jaain, key leaders of Adani Green Energy Ltd (AGEL).
The Adani Group rejected all the allegations as unfounded last week and announced its intention to pursue legal action to protect its interests.
