Adani Group Shares Jump 5.3% as US Drops $265 Million Bribery Case
Updated
Updated · Reuters · May 19
Adani Group Shares Jump 5.3% as US Drops $265 Million Bribery Case
8 articles · Updated · Reuters · May 19
Adani Group stocks rose as much as 5.3% on Tuesday after the U.S. Justice Department moved to dismiss criminal fraud charges against Gautam Adani and associates.
The case had accused them of paying $265 million in bribes to Indian officials to win solar power approvals and misleading U.S. investors about anti-corruption practices.
Adani Enterprises rose as much as 2.71% and Adani Green Energy 5.26%, while analysts said removing the legal overhang could help debt refinancing, fundraising and restructuring.
The relief was tempered by a separate U.S. settlement: Adani Enterprises agreed to pay $275 million over alleged Iran-linked LPG import sanctions violations, and the SEC also settled a related civil suit last week.
The move eases pressure on a conglomerate whose shares have swung sharply since Hindenburg Research's 2023 allegations of stock manipulation and offshore tax-haven misuse.
After months of pursuit, why did the U.S. Justice Department suddenly decide to drop its criminal case against Gautam Adani?
With its legal troubles resolved, can Adani's planned $1 billion U.S. bond sale finally erase the shadow of Hindenburg?