Blitz Bureau
NEW DELHI: The Adani Group saw a stupendous rise in its market capitalisation on November 27, adding nearly Rs 1.25 lakh crore to its value, as shares of its portfolio of companies rallied by up to 20 per cent, led by Adani Power and Adani Green.
This brought the total market capitalisation of the conglomerate to approximately Rs 12.47 lakh crore.
Shares of Adani Power Limited (APL) and Adani Total Gas Limited (ATGL) closed with an upper circuit of 20 per cent at Rs 525 and Rs 695 apiece, respectively.
Meanwhile, shares of Adani Green Energy Limited (AGEL) and Adani Energy Solutions Limited (AESL) closed at Rs 988 and Rs 660, respectively, with an upper circuit of 10 per cent. The share of Adani Enterprises Limited (AEL), the flagship company of Adani Group, closed at Rs 2,399 with a gain of 11.56 per cent.
The Adani Ports stock surged by 5.90 per cent, Adani Wilmar went up by 8.31 per cent, Ambuja Cement closed with a gain of 4.51 per cent, ACC shares went up by 4.05 per cent, and NDTV shares closed with a gain of 9.26 per cent. Shares of all Adani Portfolio companies had opened in green.
The strong recovery in stocks came after a stock exchange filing by Adani Green Energy Ltd. (AGEL) stated that Adani Group Chairman Gautam Adani, nephew Sagar Adani, and senior executive Vneet Jaain are clear of any bribery charges, as per the US Department of Justice (DoJ) indictment.
In its filing, AGEL cited the news reporting by various media houses on the bribery and corruption charges against Adani officials as incorrect.
“Media articles which state that certain of our directors namely Mr Gautam Adani, Mr Sagar Adani and Mr Vneet Jaain have been charged with violation(s) of the US Foreign Corrupt Practices Act (FCPA) in the indictment. Such statements are incorrect,” said the statement filed by Adani Green Energy Ltd.
” Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC,” it added.
Only senior officials of Azure Power Global Ltd. and Canadian pension CDPQ have been named in the bribery charges under the US FCPA provisions, Adani Green Energy cited the latest filing from the US DoJ.
Rajya Sabha MP and senior lawyer Mahesh Jethmalani said that the indictment that has come from the US has no basis nor do they have any evidence. “This entire matter is about Adani Green’s bond issue and neither Adani Group nor Adani Green has been accused in it,” he said.
