Adani Enterprises shares up 12%, Adani Ports gain 9%: Here’s why Adani Group stocks are rallying

Adani Group stocks were trading higher on Wednesday, April 8, after a US judge granted a request from billionaire Gautam Adani to schedule a hearing in his effort to dismiss a US Securities and Exchange Commission fraud case, which he says lacks necessary jurisdiction as well as fails for multiple reasons.

This followed lawyers of Adani and his nephew, Sagar, filing a plea seeking dismissal of the case.

"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.

How Adani Group stocks are performing

Adani Group stocks were trading with impressive gains in the trade.

Adani Enterprises shares were up 11.5% at ₹2,099 apiece on the NSE, while Adani Ports and Special Economic Zone rose 9.02% to an intraday high of ₹1,505.70. Adani Power was up 6.7% at ₹174.35. Adani Green Energy shares were trading 13% higher at ₹1,046.60 apiece on the NSE.

Adani Energy Solutions was trading at ₹1,084.85, up 10% on the NSE while Adani Total Gas shares rallied 13% to today's high of ₹589 on the NSE.

Ambuja Cements was up 10%, while ACC was up 8%.

What happened earlier

The case brought by the 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.

While Gautam Adani chairs the Adani Group, Sagar Adani is executive director at Adani Green Energy.

The lawsuits had been stalled for over a year as the defendants, based in India, were not served notices. The group, which spans green energy, ports, realty, mining and news media, has continued to raise funds from global investors, including BlackRock, since the charges were filed.

The Brooklyn, New York, court's decision to grant a hearing allows Adani to argue that the regulator's complaint should be thrown out at an early stage, potentially avoiding a protracted discovery process and trial.

In filings, Adani's legal team has argued that the case lacks sufficient jurisdictional basis and fails to establish actionable claims under US securities laws.