Adani Group stocks rose as much as 10% in trade today after a US court granted the Ahmedabad-based conglomerate’s request to dismiss the US Securities and Exchange Commission’s (SEC) securities fraud action.
 
The Adani Group petitioned for the dismissal of the SEC complaint, citing a lack of US jurisdiction and an unlawful extraterritorial application of US law. The US District Court for the Eastern District of New York has now accepted the plea.

In an order, the court stated that it had received the defendants’ letter asking for a pre-motion conference on their upcoming petition to dismiss the complaint. The court said it granted the request and instructed the parties to confer and contact the court’s deputy to organise the pre-motion conference.
 
In November 2024, the SEC sued Adani Group founder Gautam Adani and his nephew Sagar, alleging they deceived investors by neglecting to disclose an alleged bribery scheme involving Indian state officials, structuring the case under US securities laws.

In the appeal, the group said that the SEC’s claims regarding a 2021 bond offering by the corporation’s renewable energy business, Adani Green Energy Ltd (AGEL), are legally unsound on various grounds.

Tired of guessing stocks to trade in daily?
Tradz by EquityPandit empowers you with powerful tools like daily stock scans for Intraday, Swing & Investing, Market Predictions and much more. Download the Tradz by EquityPandit app today and take control of your investments!