Adani Enterprises, other group stocks rise up to 3% on reports US close to dropping charges against Gautam Adani

The proposed settlement also includes an agreement by his nephew Sagar Adani to pay $12 million

Separately, Bloomberg reported that Gautam Adani has agreed to pay $6 million to settle SEC allegations linked to disclosures involving Adani Green Energy

Adani Group shares jump on US fraud case resolution reports

Adani may settle SEC allegations with $6 million payment

Adani promised $10 billion US investment and 15,000 jobs

Adani Enterprises rose 2.77 per cent to Rs 2,788.10, while Adani Ports and Special Economic Zone gained 2.23 per cent to Rs 1,813.00. Adani Total Gas climbed 2.29 per cent to Rs 626.65, and Adani Green Energy advanced 1.36 per cent to Rs 1,434.10. Among the key listed firms, only Adani Power Ltd traded in the red, slipping 0.49 per cent to Rs 223.39.

The rally came after Bloomberg and The New York Times reported that the US Justice Department may drop criminal charges against Gautam Adani as early as this week, while the US Securities and Exchange Commission (SEC) is also working toward resolving a parallel civil fraud case.

Day before on May 14, Adani Enterprise rallied 8%, market data shows. On the other hand, Adani Green Energy was up 3.53 per cent on Thursday and 4.49 per cent on Wednesday, and a total 26 per cent in the past one month.

Separately, Bloomberg reported that Gautam Adani has agreed to pay $6 million to settle SEC allegations linked to disclosures involving Adani Green Energy. The proposed settlement also includes an agreement by his nephew Sagar Adani to pay $12 million. If finalised, the deal would remove a major legal overhang for the group. The Adani Group had denied the US allegations when they first surfaced.

As per a Reuters report, the ⁠possible dismissal of the criminal charges comes after Adani’s lawyer, Robert Giuffra, who is also a personal attorney of US President Donald Trump, told Justice Department officials in a presentation last month that Adani could not make its investment while the case was proceeding.

Adani had publicly promised to invest the $10 billion and create 15,000 jobs in the US after Trump’s victory in the 2024 election.

Giuffra spent the bulk of his 100-page presentation arguing the case was weak because it did not have proper jurisdiction and lacked evidence, Reuters said citing an unnamed source. Giuffra made a similar argument in court filings in the parallel SEC case last month.

Some prosecutors made clear that the $10 billion investment would not affect the case, one of the sources said. It’s unclear if others saw it differently, the Reuters report added.