Shares of Adani Group companies such as Adani Energy Solutions Ltd, Adani Green Energy Ltd, Adani Power Ltd, Adani Enterprises Ltd and Adani Total Gas Ltd surged up to 5 per cent and extended their recent rally after the clarification of the Adani group on the corruption case in the United States.

Shares of Adani Energy Solutions Ltd were trading 6.55 per cent higher at Rs 704.55. Adani Green Energy Ltd jumped 5.51 per cent to Rs 1,043.85. Both stocks were subject to the first stage of additional short-term monitoring measures (ASM stage 1) regarding NSE and BSE.

Adani Power climbed 5.15 per cent to Rs 550.75. Adani Total Gas climbed 8.82 per cent to Rs 752.70. Flagship Adani Enterprises gained 1.46 per cent to Rs 2,433.30. Adani Wilmar added 0.44 percent to Rs 316.30. Shares of ACC, NDTV and Ambuja Cements were flat, while Sanghi Industries and Adani Ports gained 1 per cent each. Adani’s shares are in recovery mode even since the group clarified that there are no corruption charges against Gautam Adani, his nephew and other executives of the group.

Gautam Adani, Sagar Adani, and Vneet Jaain have not been charged with any violation of the FCPA in the charges outlined in the U.S. Department of Justice (DOJ) indictment or the Securities and Exchange civil complaint Commission (SEC) of the United States, informed Adani Green Energy. scholarships.

Adani Green Energy clarified that only Azure and CDPQ officials face corruption charges in the DOJ indictment, and that no corruption charges have been brought against the group’s executives. Adani. The indictment also does not mention a specific amount for possible fines or penalties, it was noted.

“Media claims that some of our directors, particularly Mr. Gautam Adani, Mr. Sagar Adani and Mr. Vneet Jaain, have been accused of FCPA violations are inaccurate,” the statement said.

“They have not been named in any charges related to bribery, corruption, or conspiracy to obstruct justice,” the report continues.

Rajiv Jain’s GQG Partners recently reaffirmed its confidence in the Adani Group, saying its investment strategy was not changing despite the allegations. GQG, which held a $9.7 billion stake in Adani Group companies, or 6.1% of the investment firm’s total assets, before the allegations, believed the level of exposure was manageable, even given the volatility of Adani Group shares.

“The DOJ indictment and SEC action target individuals only. The allegations relate only to AGEL, and not to other Adani companies,” the memo said.

Ratings agency Moody’s has taken action on seven companies in the Adani group, Reuters reported. According to its reports, Moody’s reaffirmed Adani Green Energy’s rating at BA1, but the outlook was changed from stable to negative. The outlook for Adani Energy Solutions, formerly known as Adani Transmission Ltd, was changed to negative from stable previously.

Earlier, S&P Global Ratings had indicated that the alleged corruption case involving Adani Group Chairman Gautam Adani and senior executives could negatively impact the group’s ability to secure financing and increase financing costs.