Adani Group’s stocks saw a significant rise of over 8% on Monday, November 25, as investor confidence was partially restored following recent legal developments. The rise came after Jugeshinder Robbie Singh, Chief Financial Officer of Adani Group, reassured investors that none of the 11 public companies under the conglomerate’s portfolio were facing indictment.
In a statement issued via his X (formerly Twitter) account, Singh addressed the concerns surrounding the group’s ongoing legal issues. He emphasized that none of the public companies, including subsidiaries, were implicated in recent filings made by the U.S. Department of Justice (DOJ).
Also ReadUS SEC has no jurisdiction to summon foreign national; Adani notice to go via ‘proper channel’
In the recent update on the case, a Reuters report indicates that the summons requires a response within 21 days, according to the filing dated Wednesday in federal court in the Eastern District of New York. The SEC suit seeks unspecified monetary penalties and restrictions on the Adani’s from serving as officers of listed companies.
Adani Group Stock Reaction Today
Name of StockStock Reaction Intra-dayAdani Enterprises4.12%Adani Ports and SEZ4.84%Adani Green Energy8.25%Adani Power4.34%Adani Energy Solution7.09%Adani Total Gas5.25%Adani Wilmar3.42%Ambuja Cement2.80%Adani Group Stock Reaction Till 10 am
Reassurance from Adani Group CFO
Singh’s statement aimed to clarify the situation, following mounting concerns regarding legal actions. “Adani Online has a portfolio of 11 public companies, and none are subject to indictment, meaning they are not defendants in any legal proceedings as per recent DOJ filings in a New York court,” Singh said.
He further clarified that the legal action mentioned in the filings was specific to Adani Green, one of the group’s companies. Singh revealed that the controversy revolves around a contract tied to Adani Green, which represents roughly 10% of its overall business.
Also ReadSEC issues summons for Gautam Adani, nephew on bribery allegations
However, he assured stakeholders that further, more detailed information would be shared in an appropriate forum in due course.
Adani Group Faces Serious Allegations
This comes after an intense two-day period of market volatility linked to the Adani Group, triggered by allegations made in a U.S. court. On Thursday, November 23, it was reported that Gautam Adani,
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