Adani Group firms rally in morning trade; Adani Energy jumps nearly 8%

Shares of all Adani Group firms were trading in the green during the morning trade on Wednesday, with Adani Energy climbing nearly 8%, bouncing back from previous day's fall.

On Tuesday, shares of all Adani group firms ended lower, with Adani Green Energy tumbling 7%.

Billionaire Gautam Adani, and his nephew Sagar have not been charged with any violation of the US Foreign Corrupt Practices Act (FCPA) in the indictment that authorities filed in the New York court in the alleged bribery case, the Adani Group said on Wednesday.

They have been charged under securities fraud that involves levy of monetary penalties.

Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar, and another key executive have been charged by the US Department of Justice of being part of an alleged scheme to pay USD 265 million bribes to Indian officials to win contracts for the supply of solar electricity that would yield USD 2 billion profit over a 20-year period.

In a stock exchange filing, Adani Green Energy Ltd -- which is at the centre of the bribery allegations -- said reports saying the three have been charged with FCPA violations "are incorrect".

They are charged for offences that are punishable with a monetary fine or penalty.

"Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC.

"These directors have been charged on three counts in the criminal indictment namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud," it said.

Adani Group has denied all allegations as baseless and said it will take all possible legal recourse to defend itself.