Amid the controversies, there was a jump in share prices of Adani Group companies in early trading on Wednesday. Shares rose 7.71 percent. During early trade this morning on the Bombay Stock Exchange i.e. BSE, shares of Adani Energy Solutions rose by 7.71 per cent, Adani Power rose by 5.96 per cent, Adani Total Gas rose by 4 .70 percent, Adani Green Energy rose 4.34 percent and Adani Enterprises rose 4.15 percent. According to PTI news, Adani Wilmar rose by 2.78 per cent, Ambuja Cements by 1.92 per cent, Adani Ports by 1.67 per cent, Sanghi Industries by 1.71 per cent and ACC by 1.37 per cent.
The company has been accused of securities fraud.
According to the news, shares of all Adani Group companies had fallen on Tuesday. On that day, Adani Green Energy shares fell the most, down seven percent. Meanwhile, Adani Green Energy Ltd said on Wednesday that billionaire Gautam Adani and his nephew Sagar Adani have not been charged with violating the US Foreign Corrupt Practices Act (FCPA) in an alleged bribery case. The company said he has been charged with securities fraud, which includes the imposition of a monetary fine.
Report of FCPA violation allegation is incorrect
Adani Green Energy Limited informed the stock market on Wednesday that reports claiming that these three have been charged with FCPA violations are false. They have been charged with crimes punishable by fine or punishment. According to the Company, Gautam Adani, Sagar Adani and Vineet Jain have not been charged with any violation of the FCPA as set forth in the US Department of Justice indictment or the US SEC civil complaint. USA
Sharing information with the stock exchange, the company said that three charges have been brought against the company’s directors in the criminal indictment. He is charged with conspiracy to commit securities fraud, conspiracy to commit wire fraud and securities fraud. Adani Group denied all allegations and said it would need all possible legal help for its defence.
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