Adani stocks rebound 7% as investors anticipate a strong case

25 Nov 2024 , 12:11 PM

Adani Group shares rose by 7% on Monday, as investors think Gautam Adani and those accused with bribery, securities fraud, and wire fraud in the United States have a solid case to contest the indictment. 

Adani Enterprises shares rose 4% to ₹2,319.90, while Adani Energy shares soared almost 7% to a high of ₹694.15.

Meanwhile, shares of Adani Ports and Adani Power rose 4.6%, Adani Green Energy rose 6.4%, and Adani Total Gas rose 5%. Other firms’ shares have risen by 2-3%, including Adani Wilmar, ACC, and Ambuja Cements.

Meanwhile, opposition parties are pressing for a debate of bribery charges against the company, which coincides with the commencement of Parliament’s Winter Session today.

However, the administration has announced that debate subjects would be decided by both Houses’ business advisory committees, asking all parties to ensure that parliamentary procedures run smoothly.

Congress members filed bribery allegations against the Adani Group. Pramod Tiwari, Congress’s RS MP, stated that his party wanted the Adani issue addressed first when Parliament reassembled on Monday. 

It is a serious issue affecting the country’s economic and security interests because the corporation reportedly paid over ₹2,300 Crore to politicians and officials to get favorable deals for its solar energy projects,” he added.

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