Adani Group stocks saw investor interest on May 5 after a report said representatives for billionaire Gautam Adani and his companies met officials from US President Donald Trump's administration to seek dismissal of the criminal charges against him.
Shares of flagship Adani firm Adani Enterprises rose 7.5% on BSE to trade at Rs 2,485 apiece. The firm's market capitalisation rose Rs 18,000 crore to reach Rs 2.83 lakh crore.
Meanwhile, shares of Adani Ports & SEZ rose 6% to Rs 1,347 apiece, their biggest rise in five months and those of Adani Green Energy rose 8% to Rs 978 apiece. Adani Ports' m-cap rose by Rs 18,000 crore to Rs 2.91 lakh crore.
Shares of Adani Energy Solutions and Adani Power rose 4.5% and 7.5%, respectively.
Adani Total Gas' stock surged 11% to Rs 664. Its market capitalisation rose by Rs 7,000 crore to nearly Rs 73,000 crore. Shares of Ambuja Cements and ACC closed trading 1.5% and 1.1% higher, respectively.
The talks, which began earlier this year, gained momentum in recent weeks and could yield a resolution in the coming month or so, if the pace persists, according to Bloomberg.
In November, US authorities indicted Adani and his nephew, Sagar Adani, alleging that they paid bribes to secure Indian power supply contracts and misled US investors during fund raises there.
Adani's representatives are trying to make the case that his prosecution does not align with Trump's priorities and should be reconsidered, Bloomberg News reported.
Late last month, Adani Green said its review of the US indictment found no non-compliance or irregularities.
Adani Group has hired prominent US law firms, including Kirkland & Ellis and Quinn Emanuel Urquhart & Sullivan LLP, to handle civil and criminal proceedings initiated by the SEC and the Eastern District of New York, said reports earlier this year.
With inputs from Reuters
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
