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Investing.com-- Shares of Adani Group companies rose on Monday following a Bloomberg report that representatives of Indian billionaire Gautam Adani have engaged with officials from U.S. President Donald Trump’s administration to seek dismissal of criminal charges in an overseas bribery investigation.
Bloomberg reported on Monday that discussions that began earlier this year have intensified in recent weeks and could lead to a resolution within a month if progress continues.
Adani’s representatives are reportedly arguing that the prosecution does not align with President Trump’s policy priorities and should be reconsidered, the report said.
The case involves allegations that Adani and his nephew, Sagar Adani, paid bribes to secure power contracts in India and misled U.S. investors during a $750 million Adani Green bond sale.
Following the news, shares of Adani Group companies rose between 4.7% and 7%, led by Adani Ports and SEZ (NSE:APSE), while the broader market Nifty 50 gained 0.5%.
Adani Power Ltd (NSE:ADAN) surged 7.1% as of 11:15 IST.
Adani Enterprises (NSE:ADEL) shares jumped 6.1%, while Adani Green Energy Ltd (NSE:ADNA) stock climbed 5.7%.