New Delhi:
Adani group stocks were trading higher on Tuesday, with NDTV surging over 7 per cent, after the US Department of Justice permanently dropped all criminal charges against Gautam Adani and his nephew Sagar, bringing a high-profile securities and wire fraud case in New York to a complete close after prosecutors concluded they could not sustain the allegations.
Shares of NDTV surged 7.34 per cent in intraday, Adani Green jumped 4.27 per cent, Adani Total Gas rallied 3.51 per cent, Adani Enterprises Ltd climbed 3.12 per cent, Adani Energy edged higher by 2.53 per cent, Adani Power advanced 2.48 per cent, ACC went up by 1.66 per cent, Adani Ports rose by 0.93 per cent and Ambuja Cements was up 0.93 per cent on the BSE.
Read: US Drops All Charges Against Gautam Adani, Case Closed Permanently
The 30-share BSE Sensex traded 345.44 points higher at 75,660.48 in morning trade. The 50-share NSE Nifty climbed 85.45 points to 23,740.15.
With this, multiple US regulatory and legal investigations involving the group have all closed.
Last week, the US Securities and Exchange Commission settled civil allegations against the two men tied to disclosures made to investors in connection with solar energy projects in India. Court filings showed Gautam Adani agreed to pay $6 million and Sagar Adani $12 million, without admitting or denying wrongdoing.
Thereafter, the US Treasury Department’s Office of Foreign Assets Control (OFAC) settled allegations of the Adani Group violating US sanctions on Iran in LPG imports. This followed the Indian conglomerate agreeing to pay $275 million while extending “extensive cooperation” with the investigation and making “proactive” disclosures.
Now, the US prosecutors at the Eastern District of New York dropped all charges against Gautam Adani and his nephew Sagar Adani.
In a filing before the court, the US Department of Justice requested for dismissal of the indictment against the Adanis with prejudice.
“The Department of Justice has reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants,” it said.
Thereafter, the court ordered that the indictment against Adani and others “be dismissed with prejudice”.
The closure marks a dramatic turn in a case that had threatened to disrupt the Adani Group’s global expansion plans. The SEC and DOJ cases, filed in late 2024, alleged the Adanis orchestrated a $265 million bribery scheme involving Indian officials to secure solar power contracts and concealed the arrangement from US investors and lenders while raising capital.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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