Adani Stocks Extend Recovery As Adani Total, Adani Energy Hit Upper Circuit

All Adani Group stocks extended their recovery for a second consecutive session as the group's market-cap rose over Rs 70,000 crore to Rs 13.25 lakh crore in Thursday morning trade.

Adani Total Gas Ltd. took the lead with an over 16% gain in the stock. The share price of Adani Total Gas hit Rs 825, its highest level since Sept 24.

Adani Energy Solutions Ltd. and Adani Green Energy Ltd. followed Adani Total Gas to become second and third top gainer among Adani Group stocks. Both the stocks hit upper circuit of 10%.

Looking at Nifty50, Adani Enterprises was the top gainer on the benchmark index trading nearly 5% higher.

Except ACC, all the stocks saw a positive opening to the session but the stock later recovered and traded 0.28% higher at 10:24 a.m.

On Wednesday, the stocks had started to recover after Adani Green's clarification statement. The green energy unit of the ports-to-power conglomerate clarified that chairman Gautam Adani, Executive Director Sagar Adani, and Chief Executive Officer Vneet Jaain have not been implicated in the bribery charges outlined in the indictment filed by the Justice Department.

In a statement filed with exchanges Wednesday, Adani Green clarification denied news reports suggesting that other Adani officials had been charged with bribery under the US Foreign Corrupt Practices Act as "incorrect."

Only senior officials of Azure Power Global Ltd. and Canadian pension CDPQ have been named in the bribery charges under the US FCPA provisions, Adani Green Energy cited the latest filing from the US Department of Justice.

According to Supreme Court advocate Ashwani Dubey, the US indictment on Adani Group associates does not have key points to prove bribery allegations. Individuals using an agenda for personal gain, driven by foreign company interests, should face accountability and legal action, he told NDTV Profit.