Aniket PujariAll Adani Group stocks rallied on Tuesday, March 18, after the Bombay High Court dismissed charges against Adani Enterprises’ Chairman Gautam Adani and MD Rajesh Adani in a stock market violation case involving ₹388 crore.
Bombay High Court Dismisses Charges
The Bombay High Court, in its ruling on Monday, discharged Gautam Adani and Rajesh Adani from an ongoing case of alleged stock market regulation violations. According to a report by PTI on March 17, the court found no grounds for cheating or criminal conspiracy in the case.
The High Court stated that merely asserting wrongful gains by the accused without demonstrating a corresponding wrongful loss or deception of a specific victim does not meet the criteria for cheating. The verdict brought a major relief to the Adani Group, which has faced regulatory scrutiny in the past.
The case dates back to 2012 when the Serious Fraud Investigation Office (SFIO) filed a chargesheet against Adani Enterprises and its promoters, accusing them of criminal conspiracy and cheating. However, the court’s recent ruling nullifies these allegations.
Adani Group Stocks Rally
Following the court’s decision, shares of all Adani Group companies traded in the green on Tuesday.
Adani Enterprises, the flagship company of the conglomerate, gained 1.24 percent to reach its intraday high of ₹2,280.
Adani Ports and SEZ, the group’s ports operations arm, advanced 1 percent to hit ₹1,149.
Adani Power surged 1.1 percent to ₹516.45 during the intra-day session.
Adani Energy Solutions, the power distribution arm, climbed 1.5 percent to ₹807.25.
Adani Green Energy shares jumped 1.7 percent to touch ₹911.70.
Other group companies also saw notable gains – Adani Total Gas rose 1.2 percent to ₹610.30, NDTV, part of the Adani Group, added 1.7 percent to ₹116, Ambuja Cements gained 1.5 percent, reaching ₹498.05 and ACC Ltd advanced 1.1 percent to ₹1,903.35.
The Bombay High Court’s dismissal of charges against Gautam Adani and Rajesh Adani provided a significant boost to Adani Group stocks. The ruling cleared the conglomerate’s top executives of allegations related to stock market violations, improving investor sentiment. As a result, all Adani Group stocks witnessed gains, reflecting renewed market confidence in the company’s legal standing.
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