Adani Ports to Adani Power: Adani Group stocks advance after reports of US to settle fraud lawsuit against Gautam Adani

Shares of Adani Enterprises rose by 3.8%, Adani Ports and Special Economic Zone increased by 2.5%, Adani Green Energy advanced by 4%, Adani Energy Solutions climbed by 4.2%, and Adani Power gained 2.3%, all showing positive gains on Friday, 15 May, after news indicated that US authorities might be moving towards addressing fraud allegations against Gautam Adani, which could lead to the dismissal of the associated criminal case.

According to a Reuters report citing people familiar with the matter, the US Justice Department is nearing a decision to dismiss criminal fraud charges against Adani, who has pledged to invest $10 billion in the US economy.

Independently, Adani settled a related civil fraud lawsuit on Thursday, initiated by the US Securities and Exchange Commission, regarding claims of bribing Indian government officials, pending court approval.

According to the report, Adani’s attorney, Robert Giuffra — who also represents Donald Trump as a personal lawyer — argued last month before Justice Department officials that the ongoing litigation could impede Adani’s intended investments in the United States.

After Trump's anticipated victory in the 2024 election, Adani revealed plans to invest $10 billion in the US and generate approximately 15,000 jobs. Reuters reported that Giuffra focused his presentation to the officials on disputing the jurisdiction and evidentiary foundation of the case.

US Justice Department said to be near dropping Adani Criminal Case

According to a Reuters report, discussions within the US Justice Department over the case involving Gautam Adani reportedly included differing views on whether Adani’s proposed $10 billion investment in the United States should influence the proceedings. While some prosecutors reportedly maintained that the investment should have no bearing on the case, it remained unclear whether others viewed the matter differently.

The report added that the Justice Department has not yet responded to requests for comment, while Bloomberg earlier reported that U.S. authorities were moving closer to dropping the criminal case.

The case dates back to November 2024, when federal prosecutors in Brooklyn accused Adani and others of participating in a bribery scheme involving around $265 million allegedly paid to Indian officials to secure approvals for a large solar power project. Prosecutors had alleged that the accused raised over $3 billion through loans and bond issuances while concealing the alleged misconduct from investors and lenders. The Adani Group has consistently denied the allegations, calling them “baseless.”

Reuters also reported that a related civil fraud case filed by the US Securities and Exchange Commission has now been settled, subject to court approval. As part of the settlement, Gautam Adani and his nephew, Sagar Adani, agreed to pay civil penalties totalling $18 million without admitting or denying wrongdoing.

Technical Views

According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, Adani Group stocks continue to remain in focus and have extended their recent stellar rally. Most counters have surged nearly 50% over the past couple of months, with Adani Green Energy leading the pack, gaining more than 75% during the same period.

“Going forward, we maintain a positive bias on the space; however, given the overbought conditions and prices trading well above their short-term moving averages, investors should adopt a buy-on-dips approach. Among the pack, Adani Enterprises, Adani Ports and Special Economic Zone, and Adani Green Energy remain the preferred picks, and any meaningful dip in these counters could be considered as a buying opportunity, ” said Bhosale.

According to Kapil Shah, Technical Analyst at Emkay Global Financial Services and Technical Analysis Trainer at Finlearn Academy, Adani Group stocks have delivered strong returns so far in the current financial year, with Adani Green Energy emerging as the top performer with gains of nearly 66%, followed by Adani Enterprises, which has risen around 47%. In comparison, AWL Agri Business has posted relatively muted gains of nearly 10%.

On Adani Power, Shah said the stock continues to witness strong bullish momentum amid favourable trends in the utility sector. However, he believes investors may get a better risk-reward opportunity on corrective declines, with key accumulation zones placed around ₹210 and ₹190.

For Adani Enterprises, Shah noted that the stock appears to be entering a “buy on rumour, sell on news” phase and is currently facing stiff resistance near ₹2,800. He said fresh buying opportunities could emerge either on a correction towards ₹2,550 or on a decisive breakout above ₹2,800.

Speaking on Adani Ports and Special Economic Zone, Shah said the stock remains one of the strongest within the Adani Group pack, supported by sustained bullish momentum in the transport infrastructure space. Immediate support is seen around ₹1,685.

Meanwhile, Shah said Ambuja Cements continues to show relative weakness compared to other Adani Group stocks. He added that the technical structure remains bearish below ₹465, with downside potential towards the ₹400 zone.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.