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Adani shares rise after U.S. court dismisses criminal case
Adani Energy Solutions led gains, rising up to 0.55% as the court ended the criminal proceedings with prejudice, while the SEC civil case was resolved with a $6 million penalty.
Adani Group shares traded higher after a U.S. court dismissed with prejudice the criminal charges against Gautam Adani and Sagar Adani, effectively ending nearly two years of proceedings in the alleged fraud and bribery case, according to LiveMint Markets citing Reuters coverage.
Adani Energy Solutions led the move, rising as much as 0.55%, while Adani Green Energy, Adani Enterprises and Adani Ports also advanced, climbing up to 0.42% during Tuesday’s trading session.
The U.S. District Court for the Eastern District of New York approved the Justice Department’s motion to dismiss under Rule 48(a) after seeking clarification from prosecutors. A dismissal with prejudice permanently ends the criminal case and bars the charges from being brought again, though it does not constitute a determination on the merits of the allegations.
Prosecutors said the case stemmed from accusations that Adani and others participated in a scheme to pay around $250 million in bribes to Indian government officials to secure solar power contracts expected to generate more than $2 billion in after-tax profits over two decades. The article also notes that the SEC’s related civil action was resolved through a final judgment, with Adani agreeing to pay a $6 million civil penalty within 30 days without admitting the allegations.