Adani shares climb as DOJ moves to drop fraud charges
Adani Group shares jumped on Monday after the US Justice Department moved to drop fraud charges against Gautam Adani and his team.
The group had been accused of bribing Indian officials for power contracts, but with the case moved to drop, investors breathed a sigh of relief and sent stock prices climbing.
Adani Enterprises settles $275 million
Adani Green Energy led the pack with a 4.5% rise, followed by Adani Total Gas and Adani Enterprises, which also saw strong gains. Other companies like Adani Ports and Adani Power got a boost too.
Meanwhile, Adani Enterprises settled another case, paying $275 million to resolve alleged US sanctions violations tied to gas imports from Iran.
The company has now stopped those imports and tightened its compliance rules, helping clear up uncertainties for investors and giving the group a fresh start in global markets.