A vehicle drives past solar panels installed at the Adani Green Renewable Energy Plant in Khavda, Gujarat.
| Photo Credit: AFP

Shares of Adani Green Energy jumped 9% on Monday (December 2, 2024) morning after Adani group chairman Gautam Adani said his conglomerate was committed to compliances and “every attack makes us stronger” amid recent allegations and his indictment in the U.S.

The stock of Adani Green Energy Ltd surged 9% to ₹1,445 on the BSE.

Among other group firms, shares of Adani Ports climbed 2%, Ambuja Cements went up by 1.33%, ACC 1% and Sanghi Industries 1%.

However, group stocks, including Adani Total Gas, Adani Energy Solutions, Adani Enterprises and Adani Power were trading lower.

Adani Total Gas was trading at ₹774.45, down 4.57%, Adani Energy Solutions at ₹805.60, decline of 4.16%, Adani Enterprises ₹2,428.20, a fall of 1.38% and Adani Power at ₹546.50, lower by 1.45% on the BSE.

Coming out in public for the first time after recent allegations and his indictment in the U.S., Adani group chairman Gautam Adani on Saturday (November 30, 2024) said his conglomerate was committed to compliances and “every attack makes us stronger”.

“Less than two week back, we faced a set of allegations from the U.S. about compliance practices. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger,” he said addressing the 51st Gems and Jewellery Award in Jaipur.

On November 20, 2024, the United States Department of Justice and the US Securities and Exchange Commission (SEC) issued an indictment and a civil complaint in the New York district court against Gautam Adani, Sagar Adani and Vneet Jaain, key functionaries of Adani Green Energy Ltd (AGEL).

AGEL is at the heart of allegations of $265 million bribes allegedly being paid to Indian officials to secure solar power sale contracts that could bring in $2 billion of profits over a 20-year period to the firm.

The Adani Group last week denied all allegations as baseless and said it would seek legal recourse to defend itself.