Shares of Adani group companies rebounded sharply in Tuesday’s trade, rising as much as 6%, after Adani Enterprises Ltd clarified that it is not involved in the legal proceedings cited in recent media reports linked to US regulators. The clarification seems to have eased investor concerns following a
steep sell-off on Friday that had wiped out significant market value across several Adani group companies.
On Tuesday, Adani Enterprises closed 5.24% up at Rs1,960.35 on BSE, while Adani Green Energy gained over 3% to end the day at Rs798.75. Adani Ports and Special Economic Zone advanced 4.47% to Rs1366, Adani Energy Solutions climbed 4.26% to Rs848.95, and Adani Total Gas moved up around 1.76% to Rs526.20, ACC moved up 1.48% to Rs1695, while NDTV inched 0.82% to Rs82.03 reflecting a broad-based recovery across the conglomerate’s listed entities. The 30-share Sensex closed Tuesday marginally up at 81857.48 points.
The rebound followed a regulatory filing by Adani Enterprises on 24 January 2026, issued in response to queries from Indian stock exchanges after media reports on 23 January 2026 said the US regulator is exploring alternative ways to serve legal summons to Adani group chairman Gautam Adani and his nephew, Sagar Adani.
In its filing, Adani Enterprises referred to an earlier clarification issued in November 2024 and said there were no allegations against the company in the proceedings mentioned in the press report. “There are no allegations made against the Company in, and the Company is not party to, these proceedings,” the filing says, adding that the media report did not trigger any disclosure requirements under SEBI’s listing regulations. (
Read: Gautam Adani and His Nephew Summoned by US SEC Over $265mn Bribery Allegations)
The clarification came a day after Adani group stocks fell sharply, with losses ranging from 3% to as much as 12% in some counters. The sell-off was triggered by reports that the US Securities and Exchange Commission (SEC) had approached a federal court in Brooklyn, New York, seeking permission to serve legal summons directly, including through electronic means, to Gautam Adani and Sagar Adani.
According to media reports citing court filings, the SEC told the court that its earlier attempts to serve summons through diplomatic and legal channels had failed, with Indian authorities declining two previous requests. The regulator has now sought approval to use alternative methods such as email to serve the notices. The application was reportedly filed before US district judge Nicholas Garaufis.
EAS Sarma, former secretary to the government of India, in a letter to Cabinet secretary TV Somanathan says the US SEC had invoked the provisions of the Hague Service Convention to get the legal summons served but, evidently, on technical grounds, the Union ministry of law has declined to serve the summons. "What surprises me most is that our own capital market regulator, Securities and Exchange Board of India (SEBI) could have contacted its US counterpart, SEC and got factual evidence for taking up a domestic investigation on its own. It has not done it yet. Our own central bureau of investigation (CBI), could have contacted its counterpart, federal bureau of investigation (FBI) in the US, got the factual details and undertaken an investigation on its own, but it has not done it. Is there some external agency within the National Democratic Alliance (NDA) government that has stubbornly stood in the way of such investigations?"
"Why is the government dragging its feet on instituting a comprehensive judicial enquiry as suggested by me into the multiple undue favours evidently showered on the Adani Group? Does it point to connivance?" Mr Sarma says. He also demanded a judicial enquiry into the multiple undue favours granted to the Adani group and direct SEBI and CBI to get the factual details on the alleged solar bribery attempt by the Adani group, undertake an independent domestic investigation and, if the allegations are found to be true, prosecute bribe-givers and bribe-takers, as well as all those who are involved in abetting the offence, either through connivance or through inaction.
The SEC’s civil lawsuit, filed in November 2024, alleges that Gautam Adani and Sagar Adani violated US securities laws by making false and misleading statements linked to disclosures made to US investors in relation to Adani Green Energy Ltd. The allegations form part of a broader case involving an alleged US$265mn (million) bribery scheme connected to renewable energy contracts, which the Adani Group has consistently denied.
In November 2024, the conglomerate had termed the allegations by the US SEC and the US department of justice (DoJ) as baseless and stressed that they were only allegations, with the defendant’s presumed innocent unless proven guilty. Adani Green Energy has also said that the bribery allegations relate to a single contract accounting for around 10% of its business, and that none of the group’s listed companies are parties to the legal proceedings.
The Adani group has been under heightened global scrutiny since early 2023, when a short-seller report raised governance and accounting concerns, triggering investigations by Indian and US authorities. While several Indian regulatory probes, including those by SEBI, have since been completed or eased, scrutiny by US agencies has continued, keeping the group’s stocks prone to sharp bouts of volatility.
