Adani Group stocks surged after the US Department of Justice dropped the criminal case against Gautam Adani and his associates. The US Securities and Exchange Commission (SEC) has separately moved towards a civil settlement without admission of wrongdoing. Also, the US is settling alleged Iranian sanctions violations involving its flagship Adani Enterprises.

Alleged bribery charges dismissed

Earlier in 2024, US prosecutors alleged that more than $250 million was offered to Indian government officials to get lucrative solar energy supply contracts for Adani Green Energy.  Adani was accused of paying massive bribes to ensure the project’s success. The projects were expected to generate billions in profits over time. The indictment included accusations that investors were deceived through false or incomplete statements tied to fundraising activities in US markets. 

US prosecutors asked a judge Monday to dismiss criminal fraud and conspiracy charges against Gautam Adani. “The Department of Justice has reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants,” prosecutors wrote in a court filing, as per AP and Reuters reports.

The move to drop the charges comes after the US SEC said it was settling a related lawsuit against Adani. 

Misleading US investors and lenders

According to recent reports, the Trump administration’s DOJ decided to dismiss the criminal case, citing prosecutorial discretion and broader policy shifts on foreign bribery prosecutions. Parallel SEC proceedings are being resolved through financial settlements without any admission of guilt by Adani or his nephew, Sagar Adani.

Earlier, US prosecutors claimed Adani Group entities raised over $3 billion from the US and international investors through bonds and loans while allegedly concealing the bribery scheme and presenting misleading anti-corruption disclosures.

Last week, The New York Times reported that Robert Giuffra Jr., Adani’s lawyer and also a personal attorney for US President Donald Trump, stated in a presentation that Adani wished to invest $10 billion in the United States but was unable to do so due to ongoing cases.

Adani Enterprises share price performance

The stock price of Adani Enterprises has risen 8.7% in the last five trading days. The stock has given a return of 20.5% in the past one month and 10.4% in the last six months. Adani Enterprises’ stock price has moved up 9% in the last one year. 

On the other hand, the share price of Adani Green Energy has risen 0.3% in the last five sessions. The stock has surged 18% in the past one month and 27.5% in the last six months. Adani Green Energy has given a return of 35% over the previous 12 months.