Adani Group Stocks Surge After US Congressmen Request Probe Into Indictment

Adani Group stocks saw a surge of up to 4% on February 11, 2025, following reports that several US Congressmen had written to the newly appointed US Attorney General, requesting a probe into the previous Department of Justice’s (DoJ) indictment of Adani Group officials.

Stock Gains Across Adani Group

Adani Enterprises and Adani Power saw more than 4% gains, while Adani Green Energy and Adani Energy Solutions stocks rose over 3% each. Other Adani Group stocks, including Adani Ports and Adani Total Gas, also saw increases of more than 1%. This rally took place despite a decline in the broader Indian stock market on the same day.

US Congressmen Challenge Adani’s Indictment

The rally in Adani Group stocks was fueled by reports that 6 US Congressmen had written a letter on February 10 to Pamela Bondi, the new US Attorney General. The Congressmen raised concerns about the previous DoJ’s decision to indict Adani Group executives in an alleged bribery case. The letter highlighted the questionable nature of the indictment and its potential to damage the relationship between the US and India, a key ally.

Allegations and Concerns

The DoJ had charged Adani Group’s billionaire founder, Gautam Adani, with allegedly orchestrating a $250 million (₹2,100 crore) bribery scheme to secure favourable terms for solar power contracts in India. However, the Adani Group denied the charges, calling them baseless. The Congressmen criticised the DoJ for pushing the case without deferring it to the appropriate Indian authorities, suggesting that it could harm US-India relations.

The Congressmen expressed concerns that such actions could jeopardise America’s relationship with India, an important partner in trade, economics, and geopolitics, especially ahead of President Trump’s potential return to office.

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