‘Faith in rule of law unwavering’: Adani breaks silence after US case dismissal, stocks rise

MUMBAI: Adani stocks got a legal lift on Tuesday. Shares across the Adani Group climbed in early trade after a US court dismissed criminal charges against billionaire chairman Gautam Adani and his nephew Sagar Adani.

The relief came after US District Judge Nicholas Garaufis dismissed conspiracy, securities fraud and wire fraud charges against the two, following the US Justice Department’s decision to abandon the prosecution.

Adani welcomed the decision, saying his faith in “truth, fairness and the rule of law” had remained unwavering throughout the legal battle.

“I welcome the US court’s decision with humility and deep respect for the judicial process,” Adani said in a statement posted on X.

He also thanked those who continued to have faith in the group, the legal system and 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,” he said, ending the statement with “Jai Hind”.

Adani stocks gain up to 3.5 per cent

The court development provided an immediate boost to Adani Group shares, even as the broader Indian market faced selling pressure amid a spike in crude oil prices.

Adani Green Energy led the gains, rising 3.5 per cent in early trade. Adani Enterprises gained 2.6 per cent to Rs 3,080 on the BSE, while Adani Ports advanced 1.5 per cent.

Other group stocks also traded in the green. Adani Energy Solutions, Adani Power, Adani Total Gas and NDTV gained between 1 per cent and 2 per cent.

Cement companies ACC and Ambuja Cements were also higher by around 0.5 per cent.

US prosecution comes to an end

The criminal case dates back to 2024, when US prosecutors accused Adani and others of allegedly agreeing to bribe Indian government officials to secure approvals for a solar energy project.

The prosecution also alleged that investors in the US had been misled about the group’s anti-corruption practices. The Adani Group has consistently denied wrongdoing.

The US Justice Department had earlier said it would no longer pursue the case, describing the prosecution as primarily foreign, difficult to prove and inconsistent with its current priorities. Since the charges had already been filed, the department required judicial approval to formally drop them.

The case had also attracted attention over Adani’s earlier pledge to invest $10 billion in the US. In a sworn declaration filed on July 15, Adani said he was not aware of any agreement linking the investment commitment to the dismissal of the case.

His lawyers subsequently said the Justice Department had clarified that the group’s willingness to invest in the US would not form part of any resolution.

The court’s decision now removes a major legal overhang for the Adani Group. For investors, Tuesday’s broad-based gains suggest the dismissal has been read as a significant positive development, although wider market and commodity pressures remain in play.