Adani says it's not facing US legal action
Business
Adani Enterprises has cleared the air after rumors about US legal trouble, saying it's not involved in any proceedings there.
This follows reports that the US SEC was trying to serve legal summons to Gautam and Sagar Adani.
The company told Indian stock exchanges there are no allegations against it.
Stocks took a hit after rumors spread
Despite the denial, Adani Group stocks dropped sharply on January 23—Adani Green Energy fell 14.6%, with other group companies also sliding.
The panic was sparked by reports linking the group to bribery allegations in electricity contracts, which Adani strongly denies.
A related criminal case by US authorities is still ongoing, but for now, Adani insists there's nothing new to report.