All Adani Group stocks trade in the green after Bombay HC clears Gautam Adani in stock market violation case

All Adani Group stocks edged higher 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

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.

Adani Enterprises, the flagship company of the conglomerate, rose by 1.24%, reaching an intraday high of ₹2,280. Similarly, Adani Ports and SEZ, the group’s ports operations arm, advanced by 1% to ₹1,149.

Adani Power saw a gain of 1.1%, reaching ₹516.45, while Adani Energy Solutions, the power distribution arm, climbed 1.5% to ₹807.25. Adani Green Energy, the renewable energy arm, surged 1.7%, touching ₹911.70.

Other group companies also recorded notable gains. Adani Total Gas rose by 1.2% to ₹610.30, NDTV added 1.7%, reaching ₹116, Ambuja Cements gained 1.5% to ₹498.05, and ACC advanced 1.1%, reaching ₹1,903.35.

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