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Stocks of the Adani Group rebounded after a sharp sell-off triggered by allegations of a $250 million bribery scheme which the conglomerate categorically denied, calling them "baseless".
Ambuja Cements and ACC Ltd led gains in early trading, climbing 2.3 per cent and 1.5 per cent, respectively, while Sanghi Industries also traded higher. These movements outpaced the benchmark NSE Nifty 50, which rose 0.58 per cent. Other group companies, including News Agency Ltd and Adani Total Gas Ltd, experienced volatile trading, swinging between gains and losses.
Adani Green Energy Ltd and Adani Energy Solutions Ltd saw the largest recoveries from Friday's lows. Flagship Adani Enterprises Ltd and Adani Wilmar Ltd also showed recoveries.
The Adani Group has strongly denied the allegations, calling them "baseless" and maintaining that they uphold the highest standards of governance. In a statement, the conglomerate said, "All possible legal recourse will be sought. The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws."
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)