Adani Group stocks rebound as Sensex and Nifty surge

Mumbai, Nov 22 : Stocks of the Adani Group companies rebounded on Friday, led by Ambuja Cements and ACC Ltd, after witnessing a sharp sell-off amid US government department allegations, which the Group has vehemently denied as "baseless".

Ambuja Cements and ACC led gains, rallying 3.81 per cent and 3.30 per cent, respectively.

Shares of flagship company Adani Enterprises went up by 2.12 per cent and Adani Ports and Special Economic Zone gained 2.09 per cent.

Adani Total Gas and NDTV stocks gained 1.51 per cent and 0.85 per cent, respectively.

The Adani Group has denied allegations made by the US Department of Justice (DoJ) and the US Securities and Exchange Commission (SEC) against directors of its subsidiary company Adani Green, saying that all possible "legal recourse will be sought".

Maintaining that these are mere allegations and must be seen only as that, an Adani Group spokesperson said in a statement that “the allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied".

As stated by the US Department of Justice itself, "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty," said the spokesperson.

"All possible legal recourse will be sought. The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations," the company spokesperson said.

"We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws," the spokesperson added.

On Friday, bulls roared on Dalal Street as Sensex surged more than 1,961 points and Nifty 557 points. The rally in financial stocks and strong US labour market data were among the factors that drove the Sensex and Nifty up more than 2 per cent.