Shares of Adani Group companies traded in a positive stance on Tuesday, rising up to 3.5 per cent in early trade after the US Department of Justice permanently dropped all criminal charges against Adani Group chairperson Gautam Adani and his nephew Sagar Adani, bringing the high-profile securities and wire fraud case in New York to a close.
Investor sentiment also improved after the group settled allegations linked to Iran-related LPG shipments, removing another major regulatory overhang for the conglomerate.
rose more than 3 per cent to a high of ₹2,774.50 on the NSE.
surged 3.5 per cent to ₹1,417.70, while Adani Total Gas gained 3 per cent to ₹628.
advanced 2.5 per cent to ₹225 and Adani Energy Solutions climbed 2.4 per cent to ₹1,361.10.
Shares of , ACC, Ambuja Cements and AWL Agri Business traded largely flat.
The US administration moved to dismiss criminal fraud charges against Gautam Adani while also resolving alleged Iran sanctions violations involving one of the group’s companies. Adani Enterprises said it to settle allegations related to US sanctions violations tied to Iran-linked LPG shipments. The US Treasury Department’s Office of Foreign Assets Control acknowledged the group’s “extensive cooperation” and proactive disclosures during the investigation. The settlement does not amount to any finding of guilt or wrongdoing and closes all related liabilities.
Market participants believe the closure of multiple US investigations could help improve investor confidence, particularly among foreign institutional investors, and support the group’s fundraising and expansion plans going forward.