Thu Nov 28 03:43:03 UTC 2024: **Adani Group Stocks Surge After US Indictment Clarification**

**Mumbai, India (November 28, 2024) –** Shares of Adani Group companies rebounded sharply on Wednesday, soaring after a clarification regarding US charges. Adani Total Gas and Adani Power led the rally, each jumping nearly 20 percent. The surge follows a day of significant losses.

The combined market valuation of Adani Group firms increased by a substantial Rs 1,24,693.19 crore (approximately $15 billion USD) due to the rally. Adani Enterprises climbed 11.56 percent, Adani Energy Solutions rose 10 percent, and Adani Green Energy also gained 10 percent. Other Adani Group companies also experienced significant gains.

This dramatic turnaround comes after an Adani Green Energy Ltd (AGEL) statement clarifying that neither Gautam Adani, his nephew Sagar Adani, nor Vneet Jaain, were charged under the US Foreign Corrupt Practices Act (FCPA) as part of a recent US Department of Justice (DOJ) indictment. While the three executives were charged with securities fraud, wire fraud, and securities fraud conspiracy, these charges carry less severe penalties than bribery charges. The Adani Group maintains that the allegations are baseless.

The broader market also saw gains, with the BSE Sensex climbing 0.29 percent and the NSE Nifty rising 0.33 percent.

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