New Delhi, April 8 Adani Group stocks were in the spotlight on Wednesday, with Adani Total Gas and Adani Green surging by over 13 per cent, in line with a sharp rally in the broader equity market.
A US judge granted a request from billionaire Gautam Adani to schedule a hearing in efforts to dismiss a US Securities and Exchange Commission fraud case, which he claims lacks necessary jurisdiction as well as fails on multiple grounds.
This followed lawyers representing Adani and his nephew, Sagar, filing a plea seeking dismissal of the case.
Shares of Adani Total Gas jumped 13.44 per cent, Adani Green soared 13.14 per cent, NDTV rose 12.26 per cent, and Adani Enterprises Ltd rallied 11 per cent on the BSE.
Additionally, shares of Adani Energy Solutions jumped 9.99 per cent, Ambuja Cements rose 9.99 per cent, Adani Ports surged 8.91 per cent, ACC advanced 8.10 per cent, and Adani Power climbed 6.64 per cent.
"The court has received the defendants' letter requesting a pre-motion conference on their anticipated motion to dismiss the Complaint. The court GRANTS that request and DIRECTS the parties to schedule the pre-motion conference," the Eastern District court of New York said in its order.
In the filing, the Adanis' lawyers stated that there was no credible evidence supporting the alleged bribery scheme.
The SEC, they said, lacked necessary jurisdiction over the two men, and that the alleged misstatements underpinning the case were not actionable.
The case brought by the SEC in November 2024, along with a criminal complaint by the US Department of Justice, alleges that the Adanis sought to pay over USD 250 million in bribes to Indian officials to secure solar energy contracts and concealed the scheme from US investors and banks when they raised funds.
The Adani Group has denied all allegations, stating that none of its entities or executives have been charged under the US Foreign Corrupt Practices Act, and that Adani Green Energy – the renewable energy arm that raised the funds – is not a party to the proceedings.
Meanwhile, stock market benchmark indices were trading sharply higher after the US and Iran announced a two-week ceasefire.
The 30-share BSE Sensex jumped 2,988.82 points or 4 per cent to 77,605.40. The 50-share NSE Nifty surged 890.35 points or 3.85 per cent to 24,014.
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