Adani group stocks were firmly in the green on Monday’s trade amid reports that representatives of billionaire Gautam Adani and his companies have met US President Donald Trump’s administration about dismissing the criminal charges levied against him in a bribery probe.
Shares of the group’s flagship company, Adani Enterprises, rose 6.96 per cent on the Bombay Stock Exchange to ₹2,452.70, its best performance since December 30, 2024. Meanwhile, shares of Adani Ports and SEZ rose 6.29 per cent, its biggest rise in five months.
Shares of Adani Energy, Adani Green Energy, Adani Power, Adani Total Gas were up 3.30 per cent, 6.61 per cent, 5.96 per cent and 11.01 per cent, respectively, at the BSE.
ACC, Ambuja Cement, Orient Cement, Sanghi Industries, and NDTV scrips were up 1.04 per cent, 1.76 per cent, 0.37 per cent, 0.72 per cent, and 4.74 per cent, respectively.
These discussions began earlier this year and have intensified in recent weeks. A Bloomberg report indicated that a potential resolution could be reached within a month if the current pace of talks continues.
In November 2024, US authorities indicted Adani and his nephew, Sagar Adani and managing director Vneet S Jaain, for being involved in an alleged scheme to pay bribes to secure Indian power supply contracts and misleading US investors during fund raises there. The Adani group has denied the allegations.
Last month, Adani Green Energy said its review of the US indictment found no non-compliance or irregularities.
In a statement to the stock exchanges on Monday, the company reiterated it was not part of any proceedings, but it did not directly comment on the report about the meetings.
Adani’s representatives are reportedly trying to make the case that his prosecution does not align with Trump’s priorities and should be reconsidered. Notably, before the charges were announced, Adani had congratulated Trump on his electoral victory via social media and pledged $10 billion in U.S. investments, which he claimed would generate over 15,000 jobs.
Adani Group has hired prominent US law firms, including Kirkland & Ellis and Quinn Emanuel Urquhart & Sullivan LLP, to handle civil and criminal proceedings initiated by the SEC and the Eastern District of New York, said reports earlier this year.
Bangladesh dues
Adani Power has to receive around $900 million (₹7,500 crore) from Bangladesh, where the company supplies electricity from its Godda Power plant in Jharkhand.
“As of now, the total billing we (Adani Power) have done so far is around $2,000 million. We have already received $1,207 million out of this, and we have also billed LPS (late payment surcharge) of $136 million,” the company’s chief financial officer, Dilip Jha, said at the quarterly earnings call.