Adani Stocks Recover After US SEC Moves to Settle Civil Case

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New Delhi: Shares of Adani Enterprises and Adani Green Energy recovered from early losses on Friday after U.S. regulators sought court approval for a settlement in a civil lawsuit involving Indian billionaire Gautam Adani and his nephew Sagar Adani.
Under the proposed settlement with the U.S. Securities and Exchange Commission, Gautam Adani will pay a $6 million penalty, while Sagar Adani will pay $12 million. Both have agreed to the final judgment without admitting or denying the allegations, according to a regulatory filing by Adani Green Energy.

The SEC had alleged that the two misled investors as part of an alleged bribery and fraud scheme linked to solar energy contracts in India.

Following news of the settlement, shares of Adani Enterprises rose 1.8 percent, while Adani Green Energy gained 0.6 percent, reversing earlier losses.

Adani Green Energy clarified that the company itself is not a party to the proceedings and that no charges have been filed against it.

The civil case is linked to broader allegations involving solar contract awards in India. Meanwhile, multiple media reports suggest the U.S. Department of Justice may also move to drop related criminal fraud charges.

A federal court in New York had indicted Gautam Adani and seven others in November 2024 over allegations involving bribery, investor deception, and obstruction of justice tied to contracts worth billions of dollars.