Shares of Adani Enterprises rose by 3.8%, Adani Ports and Special Economic Zone increased by 2.5%, Adani Green Energy advanced by 4%, Adani Energy Solutions climbed by 4.2%, and Adani Power gained 2.3%, all showing positive gains on Friday, 15 May, after news indicated that US authorities might be moving towards addressing fraud allegations against Gautam Adani, which could lead to the dismissal of the associated criminal case.
According to a Reuters report citing people familiar with the matter, the US Justice Department is nearing a decision to dismiss criminal fraud charges against Adani, who has pledged to invest $10 billion in the US economy.
Independently, Adani settled a related civil fraud lawsuit on Thursday, initiated by the US Securities and Exchange Commission, regarding claims of bribing Indian government officials, pending court approval.
According to the report, Adani’s attorney, Robert Giuffra — who also represents Donald Trump as a personal lawyer — argued last month before Justice Department officials that the ongoing litigation could impede Adani’s intended investments in the United States.
After Trump’s anticipated victory in the 2024 election, Adani revealed plans to invest $10 billion in the US and generate approximately 15,000 jobs. Reuters reported that Giuffra focused his presentation to the officials on disputing the jurisdiction and evidentiary foundation of the case.
