The price of Adani Green Energy’s stock increased by as much as 9% during Monday’s early trading. In addition to gains in the previous three sessions, the stock increased by about 50% in the previous four.
Monday’s opening price of ₹1364.00 for Adani Green Energy shares on the BSE was about 3% higher than the closing price ₹1324.55. Subsequently, the price of Adani Green Energy’s shares increased by 9% to intraday highs of ₹1445.
On November 26, 2024, the price of Adani Green’s shares closed at about ₹897, but it has since increased and is up about 50% in just four trading sessions.
The price of Adani Green shares has been increasing since the business clarified that it was not guilty of bribing its chairman, Gautam Adani, and other group officials in the United States.
Adani Green Energy Ltd in a release on the exchanges had said that “Gautam Adani, Sagar Adani and Vineet Jain have not been charged with any violation of the FCPA (United States Foreign Corrupt Practices Act) in the counts outlined in the indictment of the US DOJ (United States Department of Justice) or civil complaint of the US SEC (U.S. Securities and Exchange Commission)”
The criminal indictment against Adani Green Energy’s directors includes three charges: (i) claimed securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) accused securities fraud, according to the company’s announcement to the exchanges.
ASeveralcommercial organizations have also supported Adani Group equities in the interim. The International Holding Company (IHC), the investment arm of Abu Dhabi’s ruling family, was the second major investor to reaffirm their belief in the Adani group, following CQG Partners.
The ratings have also been confirmed by the rating organizations. Fitch Ratings, one of several rating agencies, confirmed the rating at “BBB-” but placed Adani Green Energy’s US dollar senior unsecured notes and Long-Term Foreign-Currency Issuer Default Rating on Rating Watch Negative.
