The US Department of Justice has finally permanently dropped all criminal charges against the Indian billionaire Gautam Adani and his nephew, Sagtar Adani. This decision brings a major securities and wire fraud case in New York to an end. Government prosecutors closed the case after concluding that the original allegations could not be sustained.
The relief from these allegations triggered a sharp rally in Adani Group Shares on Tuesday morning. On the National Stock Exchange (NSE), Adani Green Energy jumped 3% to Rs 1,410.10, while the flagship company Adani Enterprises climbed 2.26% to Rs 2,750.60. Other group companies also moved higher. Adani Total Gas rose 2.06% to Rs 622.65, Adani Power edged up 0.27% to Rs 219.90, and Adani Ports and Special Economic Zone traded marginally higher at Rs 1,792.30.
This court victory marks the end of a string of important legal and regulatory battles that the conglomerate has successfully handled recently. Last week, the US Securities and Exchange Commission brought civil charges against Gautam Adani and Sagar Adani for failing to disclose investor information about solar projects in India.
Moreover, the Office of Foreign Assets Control settled allegations that the Adani Group had been violating United States sanctions on Iran by importing LPG. To resolve that sanctions violation case, the Adani Group was required to pay a fine of $275 million.
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The final piece of the puzzle was the official dismissal of the remaining criminal charges against these individuals by federal prosecutors in the US Attorney’s Office for the Eastern District of New York.
