Adani Group stocks were in the limelight on Wednesday, with Adani Total Gas and Adani Green surging over 13%, in tandem with a sharp rally in the broader equity market.
A US judge granted a request from billionaire Gautam Adani to schedule a hearing in efforts to dismiss a US Securities and Exchange Commission fraud case, which he says lacks necessary jurisdiction as well as fails on multiple reasons.
This followed lawyers of Adani and his nephew, Sagar filing a plea seeking dismissal of the case.
1 April 2026
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Shares of Adani Total Gas jumped 13.44%, Adani Green zoomed 13.14%, NDTV soared 12.26% and Adani Enterprises Ltd rallied 11% on the BSE.
Also, shares of Adani Energy Solutions soared 9.99%, Ambuja Cements jumped 9.99%, Adani Ports surged 8.91%, ACC advanced 8.10% Adani Power climbed 6.64%.
"The court has received Defendants' letter requesting a pre-motion conference on their anticipated motion to dismiss the Complaint. The court GRANTS that request and DIRECTS the parties" to schedule the pre-motion conference, the Eastern District court of New York said in its order.
In the filing, the Adanis' lawyers said there was no credible evidence supporting the alleged bribery scheme.
The SEC, they said, lacked necessary jurisdiction over the two men and that the alleged misstatements underpinning the case weren't actionable.
The case brought by SEC in November 2024 alongside a criminal complaint by the US Department of Justice, alleges that the Adanis sought to pay over $250 million in bribes to Indian officials to secure solar energy contracts and concealed the scheme from US investors and banks when they raised funds.
The Adani Group has denied all allegations, stating that none of its entities or executives have been charged under the US Foreign Corrupt Practices Act, and that Adani Green Energy - the renewable energy arm that raised the funds - is not a party to the proceedings.
Meanwhile, stock market benchmark indices were trading sharply higher after the US and Iran announced a two-week ceasefire.
The 30-share BSE Sensex jumped 2,988.82 points or 4% to 77,605.40. The 50-share NSE Nifty surged 890.35 points or 3.85% to 24,014.
