Adani gets to schedule a hearing in SEC case, Group stocks surge

ET BureauLast Updated: Apr 09, 2026, 05:47:00 AM IST

Synopsis

Adani Group stocks surged as Gautam Adani sought dismissal of a US SEC civil fraud case. Adani Green Energy led gains, jumping 12%. A US court granted Adani's request to schedule a hearing on his plea to dismiss the case, citing lack of personal jurisdiction and failure to state a claim.

Mumbai: Adani Group stocks, including Adani Enterprises, Adani Green Energy and Adani Ports, rose in the range of 3-12% Wednesday after Gautam Adani approached a US court to seek dismissal of a civil fraud case filed by the Securities and Exchange Commission (SEC).

Among Adani group stocks, Adani Green Energy led the gains with a 12% jump, followed by Adani Energy Solutions at 9%, Adani Enterprises at 8.6%, Adani Total Gas at 7.3%, Adani Ports and Special Economic Zone at 5%, and Adani Power at 3.66%.

Meanwhile, Adani Green Energy and Adani Ports got additional push from improving global cues, including easing geopolitical tensions.

On Tuesday, a district court in the US allowed Gautam Adani to schedule a hearing, where he is appealing to dismiss a civil fraud case by the US Securities and Exchange Commission.

In November 2024, the US SEC alleged Adani and his nephew Sagar Adani of violation of US securities laws citing that they promised to bribe Indian officials for the benefit of Adani Green Energy, a group company.

"The court has received Defendants' letter requesting a pre-motion conference on their anticipated motion to dismiss the Complaint," judge Nicholas G Garaufis said in an order on Tuesday. "The court GRANTS that request and DIRECTS the parties to confer and to...schedule the pre-motion conference."

In their plea to the United States District Court for the Eastern District of New York, the counsel for Gautam Adani said that the claim against them should be dismissed given the lack of personal jurisdiction and as the complaint fails to state a claim, among other things.

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