Following the Bombay High Court’s dismissal of charges against Adani Enterprises’ Chairman Gautam Adani and MD Rajesh Adani in a stock market violation case involving ₹388 crore, all Adani Group stocks saw a little increase on Tuesday, March 18.
The Bombay High Court rejects the charges.
In its decision on Monday, the Bombay High Court dismissed Gautam and Rajesh Adani from a case involving suspected violations of stock market regulations. PTI reported on March 17 that the court has found no evidence of criminal plot or cheating. The High Court ruled that the accused does not qualify as cheating if they just claim to have made wrongful gains without proving a comparable wrongful loss or deceit of a particular victim. Adani Enterprises and its promoters were charged with criminal conspiracy and cheating in a chargesheet submitted by the Serious Fraud Investigation Office (SFIO) in 2012. These claims are refuted by the court’s latest decision, nonetheless.
Adani Group stocks saw a sharp increase when the Bombay High Court dismissed the allegations against Gautam and Rajesh Adani. The decision improved investor mood by clearing the company’s top executives of charges pertaining to stock market infractions. As a result, all of the Adani Group’s stocks increased, indicating that the market once again had faith in the company’s legal position. At an intraday high of ₹2,280, the conglomerate’s flagship company, Adani Enterprises, saw a 1.24% increase. Adani Ports and SEZ, the group’s port operations division, too saw a 1% increase, reaching ₹1,149.
Adani Energy Solutions, the electricity distribution division, increased 1.5% to ₹807.25, while Adani electricity saw a 1.1% boost to ₹516.45. The renewable energy division, Adani Green Energy, saw a 1.7% increase, reaching ₹911.70. Notable gains were also reported by other group entities. Ambuja Cements increased 1.5% to ₹498.05, NDTV climbed 1.7% to ₹116, ACC improved 1.1% to ₹1,903.35, and Adani Total Gas increased 1.2% to ₹610.30.