Wed Nov 27 10:44:39 UTC 2024: ## Adani Stocks Surge After No FCPA Charges Filed Against Gautam Adani

**Mumbai, November 27, 2024** – Indian stock markets rebounded sharply today, driven primarily by a significant rally in Adani Group stocks. The Sensex gained 230.02 points (0.29%) to close at 80,234.08, while the Nifty rose 80.40 points (0.33%) to 24,274.90.

This surge followed an announcement by an Adani Group entity stating that Gautam Adani and his associates have not been charged under the U.S. Foreign Corrupt Practices Act (FCPA). While confirming that they face other charges, including securities and wire fraud, the statement emphasized the absence of FCPA violations. Several Adani Group companies saw their shares hit upper circuit limits. Adani Ports, for instance, surged by 6%.

The positive market sentiment was further bolstered by ₹1,157.70 crore in foreign institutional investor (FII) inflows on Tuesday. This comes after a day of slight losses for both the Sensex and Nifty.

While Adani stocks led the gains, other significant contributors included NTPC, HDFC Bank, Bajaj Finance, Maruti, and Axis Bank. Conversely, Titan, SBI, Asian Paints, TCS, HCL Tech, Sun Pharma, IndusInd Bank, and ICICI Bank experienced declines.

The news follows recent controversies surrounding the Adani Group, and the US State Department declined to comment on the disruptions this caused in the Indian Parliament. A US Agency, the DFC also stated that no funds have been disbursed to the Adani Colombo port project. Global market trends also played a role, with Asian markets (Shanghai and Hong Kong) showing gains and European markets trading mostly lower. Brent crude rose 0.63% to $73.23 a barrel. US markets closed positively on Tuesday.

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