Among the top gainers were Adani Total Gas and Adani Power, both surging 20%. Adani Green Energy shares rose 10%, closing at Rs 988.40, while Adani Energy Solutions jumped 10% to Rs 660.80. Shares of Adani Enterprises increased by 11%, reaching Rs 2,399, and Adani Ports advanced 5.9%. Meanwhile, Adani Wilmar settled 8% higher.
ACC and Ambuja Cement also saw gains, rising over 4% each, while NDTV surged by 9%.
In an exchange filing, AGEL has said that news published by various media houses on the bribery and corruption charges against Adani Officials is ‘incorrect’.
Former attorney general and senior counsel Mukul Rohatgi also backed Adani Group’s claims saying in his assessment there are five charges or counts and Adani and his aides have not been charged under Count 1 or 5 which deal with allegations of ‘conspiracy to violate the FCPA’ and ‘conspiracy to obstruct justice’ respectively.
Also Read | Former AG Mukul Rohatgi speaks about Adani’s US Indictment; refers to two Counts to clear airAdani and his aides have been charged under other counts which relate to securities and bonds.He said that the indictment — equivalent to a chargesheet filed in an Indian court — does not name a single person who was paid a bribe.
Senior Supreme Court advocate Mahesh Jethmalani, too, said there is no offence in the indictment against the Adanis or AGEL.
Both lawyers are part of Adani’s defence team.
Also Read | Senior advocate Mahesh Jethmalani targets Congress while defending Adani
Moody’s revises outlook
On Tuesday, Moody’s Ratings revised the outlook on seven of its companies, including Adani Green Energy and Adani Ports, to negative from stable.
“We have changed the outlook on all seven issuers to negative from stable,” Moody’s said.
These rating actions follow the indictment of Adani Green Energy Ltd’s (AGEL) chairman Gautam Adani and several senior management team members by the US Attorney’s Office in a criminal case and the filing of charges by the US Securities and Exchange Commission (SEC) in a civil case, Moody’s said.
The most affected entities with Moody’s ratings are two units each of Adani Green Energy and Adani Transmission, Adani Electricity Mumbai, Adani Ports and Special Economic Zone Limited (APSEZ), and Adani International Container Terminal.
The reports, which suggested that key Adani executives—Gautam Adani, his nephew Sagar Adani, and senior director Vneet Jaain—were facing bribery and corruption charges under the U.S. Foreign Corrupt Practices Act (FCPA), have been refuted by the company.
The Adani Group emphasised that while the executives are facing charges related to securities and wire fraud, no allegations of bribery or foreign corruption have been made against them.
However, the rating action further recognizes the possibility of broader weaknesses in the governance structure across the rated Adani group entities as well as potential operational disruptions, including on their capital spending plans, while legal proceedings are going, Moody believes.
Moody’s has affirmed Ba1 ratings on Adani Green, and Baa3 ratings on Adani Transmission, Adani Electricity, Adani Ports, and Adani International Container Terminal.
In the meantime, ratings agency Fitch has taken negative rating action on several Adani Group entities and bonds, putting them on watch for a possible downgrade.
(With inputs from agencies)
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