New Delhi, April 8 Adani Group stocks were in high demand on Wednesday, with Adani Green surging over 11 per cent, in line with a sharp rally in the broader equity market.
A US judge granted a request from billionaire Gautam Adani to schedule a hearing in efforts to dismiss a US Securities and Exchange Commission fraud case, which he says lacks necessary jurisdiction as well as fails on multiple grounds.
This followed lawyers of Adani and his nephew, Sagar, filing a plea seeking dismissal of the case.
Shares of Adani Green rose by 11.38 per cent, Adani Energy Solutions soared by 8.78 per cent, Adani Enterprises Ltd rallied by 8.62 per cent, and Adani Total Gas jumped by 7.60 per cent on the BSE.
Also, shares of NDTV climbed by 6.48 per cent, Ambuja Cements jumped by 6.28 per cent, Adani Ports edged higher by 5.28 per cent, ACC advanced by 5.20 per cent, and Adani Power rallied by 3.55 per cent.
The combined market valuation of all these firms stood at Rs 14.22 lakh crore.
"The court has received the defendants' letter requesting a pre-motion conference on their anticipated motion to dismiss the complaint. The court GRANTS that request and DIRECTS the parties to schedule the pre-motion conference," the Eastern District court of New York said in its order.
In the filing, the Adanis' lawyers said there was no credible evidence supporting the alleged bribery scheme.
The SEC, they said, lacked necessary jurisdiction over the two men, and that the alleged misstatements underpinning the case were not actionable.
The case brought by the SEC in November 2024, along with a criminal complaint by the US Department of Justice, alleges that the Adanis sought to pay over USD 250 million in bribes to Indian officials to secure solar energy contracts and concealed the scheme from US investors and banks when they raised funds.
The Adani Group has denied all allegations, stating that none of its entities or executives have been charged under the US Foreign Corrupt Practices Act, and that Adani Green Energy – the renewable energy arm that raised the funds – is not a party to the proceedings.
Meanwhile, stock market benchmark indices ended sharply higher after the US and Iran announced a two-week ceasefire. The 30-share BSE Sensex jumped 2,946.32 points or 3.95 per cent to settle at 77,562.90. The 50-share NSE Nifty soared 873.70 points or 3.78 per cent to end at 23,997.35.