Shares of Adani Green Energy (AGEL) continued its gaining streak for the second straight session on Thursday, with the stock price hitting 10% upper circuit for the second consecutive session after the power-to-port conglomerate clarified that there were no bribery charges against chairman Gautam Adani and other group executives. The renewable energy arm of Adani Group had lost 40% of its market value in six sessions since November 18 after a criminal indictment and a civil case against Agani Group chairman Gautam Adani and seven others in the U.S. 

Extending its gaining streak for second day, AGEL shares were locked in its upper circuit limit of ₹1,088.20, while the market capitalisation climbed to 1.72 lakh crore. In two days, the renewable stock has gained 20% after losing nearly 40% in the previous 6 session. The Adani group stock had slipped to its 52-week low of ₹870.90 on November 27, before staging a smart comeback after the company issued the clarification on the U.S. issue. The counter hits its 52-week high of ₹2,173.65 on June 3, 2024.

In the backdrop of recent volatility, domestic exchanges BSE and NSE have put AGEL shares as well as Adani Energy under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks under surveillance to safeguard investors from high volatility in share prices.

Among other group companies, Adani Energy Solutions also hit its 10% upper circuit limit for the second trading session. Adani Total Gas was the top performer among the group companies with a 15% gain, followed by Adani Power, NDTV, and Adani Enterprises rising in the range of 2-8%. On the other hand, ACC, Adani Ports, Adani Wilmar, Ambuja Cement, and Sanghi Industries edged lower during the session so far.

On Wednesday, all 11 listed entities of Adani group closed in green, with the cumulative market capitalisation rising by ₹1.2 lakh crore to ₹12.6 lakh crore. The sentiment was lifted after AGEL clarified to exchanges that the charges against its three directors, including the chairman, related to three counts of "criminal indictment" but the "alleged FCPA violations".

Responding to various media reports on the matter, especially about the alleged Foreign Corrupt Practices Act (FCPA) violation in the indictment, the Adani group says such statements are "incorrect". "Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC."

The company clarified that these directors have been charged with three counts in the criminal indictment: alleged securities fraud conspiracy, alleged wire fraud conspiracy, and alleged securities fraud.

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