Shares of Adani Group continued their positive momentum and extended their rally on Thursday, with its shares gaining as much as 10% in early trading. Shares of the conglomerate saw a recovery after the Adani Group issued clarifications on corruption accusations made by US authorities.

Shares of Adani Green Energy were trading at Rs 1,087.20, up 10 per cent at 10 am. Shares of Adani Power Ltd jumped 8.78% to Rs 569.45, while Adani Enterprises Ltd gained 4.39% to Rs 2,502.95.

Adani Total Gas Ltd was trading at Rs 775.65, up 11.76 per cent. Shares of Adani Energy Solutions Ltd rose 10 per cent in early trade to Rs 726.85.

The gathering follows a clarification by Adani Green Energy Ltd (AGEL) Wednesday, which dismissed allegations of bribery or corruption charges against key executives, addressing concerns raised by recent media reports.

CLARIFICATION OF ADANI GREEN ENERGY

In his declaration to stock exchangesAGEL stated: “Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the U.S. Department of Defense’s indictment. Justice (DOJ) or civil court. complaint from the United States Securities and Exchange Commission (SEC). The charges against them include alleged securities fraud conspiracy, wire fraud conspiracy and securities fraud.

The company added that media reports suggesting corruption allegations were incorrect.

Adani shares recovered some ground after a sharp decline in the previous session, which followed a rating downgrade by global rating agency Moody’s. The agency had revised its outlook for seven Adani group entities, citing risks related to access to finance and rising borrowing costs.

S&P Global Ratings also highlighted that the allegations in the United States could have an impact on the group’s financing capabilities. However, the group’s clarification appears to have allayed investors’ concerns for now.