Adani Stocks in Focus: Shares of Adani Enterprises, Adani Energy Solutions and other Adani Group companies are likely to remain in focus after a key development related to the settlement of the US SEC fraud case involving Gautam Adani and Sagar Adani.
In a major legal development, Gautam Adani and Sagar Adani have agreed to pay a combined USD 18 million to settle fraud charges brought by the US Securities and Exchange Commission (SEC), after U.S. authorities moved to close the fraud cases on May 14.
According to court filings, Gautam Adani will pay USD 6 million, while Sagar Adani will contribute USD 12 million. The settlement was reached without either party admitting or denying wrongdoing. However, the agreement remains subject to court approval before becoming effective.
Adani Group’s Stock Reaction
Following the development, shares across the Adani conglomerate witnessed strong buying interest in Friday’s trading session.
Adani Enterprises Share Price
Shares of Adani Enterprises were trading 2.5 per cent higher, up Rs 66.8 at Rs 2,780.60 on the NSE. The stock also touched an intraday high of Rs 2,803.10, marking a gain of around 3.3 per cent during the session.
Adani Green Energy Share Price
Shares of Adani Green Energy also moved higher on May 15. The stock was trading 0.2 per cent up at Rs 1,417, after hitting an intraday high of Rs 1,471 earlier in the day. The move reflected an upside of nearly 4 per cent from the previous closing level of Rs 1,414.90.
Adani Ports Share Price
Adani Ports and Special Economic Zone shares gained 2.1 per cent to trade at Rs 1,811.80. The stock climbed to an intraday high of Rs 1,823.90, translating into a rise of nearly 2.8 per cent in Friday’s session. Adani Ports also emerged as one of the top gainers on the BSE Sensex during the day.
Adani Total Gas Share Price
Shares of Adani Total Gas also reacted positively to the development. The stock was trading 1.7 per cent higher at Rs 623. During the session, the stock surged as much as 7.4 per cent intraday.
Adani Power Share Price
On the other hand, Adani Power underperformed its group peers. The stock was trading over 1 per cent lower at Rs 222.20. The stock also slipped nearly 4.8 per cent during the session to hit an intraday low of Rs 213.78.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
