Adani Group Stocks Surge Past 10% After US Court Relief In SEC Case

The stocks of various Adani Group companies surged on the bourses on Wednesday after a United States court accepted its petition to dismiss the US Securities and Exchange Commission's (SEC) securities fraud case.

The relief sent Adani stocks rallying, with the scrips of companies like Adani Green Energy and flagship Adani Enterprises gaining the most.

While the stock of Adani Green was trading over 10 percent higher, Adani Enterprises was up 8.4 percent on the bourses.

Earlier in the day, Adani Green Energy stock opened higher by over 5.3 percent at Rs 976.70 compared to its previous close of Rs 924.50 apiece.

The stock reached as high as Rs 1,046, which was over 13.2 percent higher than the previous close.

Similarly, Adani Enterprises opened at Rs 1,991.85, which was 5.8 percent higher than Tuesday’s close of Rs 1,881.30 apiece.

During the trading hours, the stock climbed up to almost 10 percent to Rs 2,089.80 apiece.

The group’s city gas distribution company, Adani Total Gas, also jumped on the bourses. The stock was trading over 8.1 percent higher at around Rs 561 compared to its previous close of Rs 519.35 apiece.

During the trade, the stock surged to Rs 589.20, or about 13.5 percent.

The stocks of Adani Enterprises and Adani Total Gas were among the top 20 biggest gainers of the Nifty 50 index.

Other stocks like Ambuja Cement (up 6.8 percent), ACC (up 6.1 percent), Orient Cement (up 5.4 percent), Adani Ports and Special Economic Zone (up 5 percent), and Adani Power (up 3 percent) were also trading higher.

The US District Court for the Eastern District of New York accepted the petition of the Adani Group challenging the case. The company argued that the case lacked US jurisdiction and had an impermissible extraterritorial application of US law.

The SEC in November 2024 had filed a case against Adani Group founder Gautam Adani and his nephew Sagar for allegedly misleading investors by failing to disclose an alleged bribery scheme tied to Indian state officials, framing the case under US securities laws.