Share Market: Shares of Adani Group companies surged, rose by 7.71%, clarification came regarding the allegations

Amidst controversies, the share prices of Adani Group companies registered a jump in early trade on Wednesday. The shares rose by 7.71 percent. During early trade on the Bombay Stock Exchange (BSE) this morning, shares of Adani Energy Solutions rose by 7.71 percent, Adani Power by 5.96 percent, Adani Total Gas by 4.70 percent, Adani Green Energy by 4.34 percent and Adani Enterprises by 4.15 percent. According to PTI news, Adani Wilmar rose by 2.78 percent, Ambuja Cements by 1.92 percent, Adani Ports by 1.67 percent, Sanghi Industries by 1.71 percent and ACC by 1.37 percent.

The company has been charged with securities fraud.

According to the news, the shares of all the companies of Adani Group fell on Tuesday. On that day, the stock of Adani Green Energy fell the most by seven percent. Meanwhile, Adani Green Energy Limited said on Wednesday that billionaire Gautam Adani and his nephew Sagar Adani have not been charged with violating the US Foreign Corrupt Practices Act (FCPA) in the alleged bribery case. The company said that they have been chargedwithr securities fraud which includes imposing monetary penalties.

The news of the allegation of FCPA violation is false.

Adani Green Energy Limited informed the stock exchange on Wednesday that the reports claiming that these three have been charged with FCPA violations are incorrect. They have been charged with crimesthath carry monetary fines or penalties. According to the company, Gautam Adani, Sagar Adani, and Vineet Jain have not been charged with any violation of the FCPA, as per the allegations set out in the US Justice Department’s indictment or the US SEC’s civil complaint.

Sharing information with the stock exchange, the company said that the directors of the company have been charged with three counts in the criminal indictment. They have been charged with conspiracy to commit securities fraud, conspiracy to commit wire fraud, and securities fraud. The Adani Group denied all the charges and said that it would take all possible legal help to defend itself.