Six of the seven Adani-branded stocks slipped on Tuesday even after a US judge dismissed the criminal charges against founder Gautam Adani.
Prosecutors had indicted Adani and seven other executives in November 2024, with the Indian billionaire himself facing counts of conspiracy to commit securities and wire fraud and substantive securities fraud.
US Judge Dismisses Adani Bribery and Fraud Criminal Case
The indictment alleged the defendants promised more than $250 million in bribes to Indian officials to win solar energy contracts. Prosecutors said Adani and others then misled US investors to obtain funds.
The Justice Department signaled in May that it would drop the case. Principal Associate Deputy Attorney General Trent McCotter argued the matter was primarily foreign, hard to prove, and inconsistent with current department priorities.
Brooklyn US District Judge Nicholas Garaufis granted the rare request. However, Garaufis made his unease plain in the ruling.
“The irregularities in the decision to dismiss the indictment are concerning…McCotter appears to have eschewed the professional opinions of innumerable officials from various federal offices and replaced them with his singular judgment,” he wrote.
Follow us on X to get the latest news as it happens
Adani Shares Shrug Off US Court Win as Rally Fizzles
Meanwhile, the market barely reacted. The selling was broad but shallow, with no stock in the branded complex moving more than 2%.
AWL Agri Business led the declines with a 1.66% drop to ₹192.87, followed by Adani Power at 1.06% and Adani Ports and Special Economic Zone at 1.01%.
Losses were milder further down the group. Adani Green Energy, Adani Enterprises, and Adani Energy Solutions each shed less than 0.8%, with the flagship Adani Enterprises closing at ₹2,988. Adani Total Gas alone finished higher, edging up 0.74% to ₹665.
That the dismissal failed to spark even a modest relief rally points to a market already looking past the courtroom.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
Source: BeInCrypto
