Adani Group stocks jump up to 3% after US court relief for Gautam Adani; group m-cap crosses ₹18 lakh crore

Adani Group stocks surged in early trade on Tuesday after a US federal court dismissed the criminal case against billionaire Gautam Adani and his nephew Sagar Adani, bringing an end to a legal battle that began in 2024. The relief triggered broad-based buying across Adani counters, with Adani Green Energy emerging as the top gainer.

The flagship Adani Enterprises stock jumped 1.72% to ₹3,062 on the BSE in opening deals, while Adani Ports & Special Economic Zone gained 1.4%. Adani Green Energy led the group pack with a 3.4% rise to ₹1,416.90 levels. Adani Energy Solutions, Adani Power, Adani Total Gas and NDTV advanced 1-2%, while cement companies ACC and Ambuja Cements were up around 0.5%.

The combined market capitalisation of the 10 listed Adani Group companies tracked in the basket stood at around ₹18.37 lakh crore.

The gains came after Brooklyn-based US District Judge Nicholas Garaufis of the US District Court for the Eastern District of New York approved the Justice Department’s request to dismiss the criminal charges against Gautam and Sagar Adani. The judge said he was satisfied that the decision to drop the case was independent of the Adani Group’s investment commitments in the US.

The court’s decision removes a significant legal overhang for the Adani Group, with investors reacting positively to the closure of the high-profile US criminal case. The group’s stocks had faced heightened volatility since the charges were filed in November 2024.

Gautam Adani, chairman of the Adani Group, welcomed the court’s decision in a social media post, saying his faith in truth, fairness and the rule of law had remained firm throughout the legal proceedings.

“I welcome the US court’s decision with humility and deep respect for the judicial process. Throughout this challenging period, our faith in truth, fairness and the rule of law remained unwavering,” Adani said.

He also thanked those who continued to have faith in the group, the judicial system and India’s ability to deliver justice.

“My deepest gratitude to those who never lost faith in us, in the system and in India’s capacity for justice. We will continue doing what matters: building for our nation, creating value that outlasts us and serving a purpose larger than ourselves. That is our commitment,” he added.

The latest development follows the US Department of Justice’s decision in May to permanently drop the criminal charges against Gautam and Sagar Adani, effectively bringing the high-profile case in New York to a close after prosecutors determined that they could not sustain the allegations.

The US Securities and Exchange Commission had also settled civil allegations in May related to disclosures made to investors in connection with solar power projects in India. Under the settlements, Gautam Adani agreed to pay $6 million, while Sagar Adani agreed to pay $12 million, without admitting or denying wrongdoing.

The criminal case, filed in late 2024, alleged that the Adanis were involved in a $265 million bribery scheme involving Indian government officials to secure solar power contracts. US prosecutors further alleged that the arrangement was concealed from investors and lenders in the US while the group raised capital. The Adani Group, however, had consistently denied the allegations, calling them baseless and defending its governance and compliance practices.

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