Adani Green soars 19% as group stocks recover sharply amid ongoing U.S. legal challenges Published Fri, Nov 29 20242:58 AM ESTUpdated 21 Min Ago Anniek Baoin bribes to Indian government officials to secure solar energy contracts that could generate more than $2 billion in profits. Adani fallout: Indian market is not just made up of 1-2 corporate groups, says portfolio managerwatch now VIDEO02:46 Adani fallout: Indian market is not just made up of 1-2 corporate groups The Indian industrial tycoon was also charged with misleading U.S. and international investors about the company’s adherence to antibribery and anticorruption standards while raising over $3 billion to finance energy projects. Following the indictment, the group saw a massive sell-off in its stocks, while investors and partners rolled back fresh funds and contracts tied to the group’s businesses spanning across the world. Fitch Ratings had put several dollar bonds issued by Adani Group companies on its negative ratings watchlist. While those developments would “hurt Adani’s credibility and growth prospects,” the conglomerate enjoyed “strong government backing and sufficient liquidity to back their borrowings,” said Arpit Chaturvedi, an advisor with Teneo’s geopolitical risk advisory team. “The group’s relations with capital sources elsewhere such as the Middle East and domestically, are likely to remain unharmed,” Chaturvedi added. Referring to the few comparable players in India’s infrastructure and energy sectors, Mirpuri noted that the investors’ confidence will likely hinge on the “resolution of the ongoing legal challenges” and Adani Group’s steps aimed at enhancing transparency