Adani Stocks Surge as US Lawmakers Challenge DOJ’s Case Against Gautam Adani
Adani Group stocks witnessed a strong rally on Tuesday, with shares of Adani Enterprises and Adani Power jumping over 4%, while Adani Green Energy and Adani Energy Solutions gained more than 3%. This surge came despite an overall decline in the Indian stock market.
The boost in Adani stocks followed reports that six US Congressmen had written to the newly appointed US Attorney General, questioning the Department of Justice’s (DOJ) previous indictment of Adani Group officials in an alleged bribery case. Lawmakers argued that the case, pursued under the Biden administration, could strain US-India relations and lacked sufficient grounds.
The Adani Group had previously dismissed the DOJ's allegations as baseless, and now, US lawmakers are raising concerns over the potential geopolitical impact of the case. With growing scrutiny over the indictment, investor sentiment around Adani stocks has turned positive, fueling a strong market response.