Adani Enterprises, Adani Ports, Adani Green shares rebound up to 6%. What’s triggering the uptick?

Shares of Gautam Adani group companies, including Adani Enterprises, Adani Ports and Adani Green, staged a sharp rebound of up to 6% after Friday’s steep sell-off, which had wiped out a staggering Rs 1.2 lakh crore in market capitalisation in a single session.

In Tuesday’s trade, Adani Group stocks surged after the conglomerate announced a new aviation venture. Adani Enterprises, the group’s flagship firm, jumped 5.5% to Rs 1,965 on the BSE. Adani Ports rose 4.5% to Rs 1,368, while Adani Green climbed 6% to Rs 818. Adani Total Gas advanced 3.4% to Rs 535, and cement majors Ambuja Cements and ACC gained up to 2%.

The rally followed Adani Group’s announcement of a partnership with Brazil’s Embraer SA to establish a regional transport aircraft venture in India. The joint venture plans to cover manufacturing, assembly and increased localisation, marking Adani’s entry into the aviation sector.


The gains also came after lawyers representing Gautam Adani and his nephew Sagar Adani made their first court filing this week, signalling a willingness to negotiate on accepting summons that India’s government had twice refused to deliver, according to the Hindustan Times.

In a January 23 letter to a New York federal judge, Sullivan & Cromwell LLP, writing on behalf of the Adanis, said they are discussing an agreement with the US Securities and Exchange Commission (SEC) to resolve how the summons will be served, requesting the court defer ruling while the parties hold talks. The letter did not specify the terms being discussed, the report added.

The US Securities and Exchange Commission asked a US court for permission to directly email summons to Gautam Adani and Sagar Adani, Reuters reported, citing court filings last week.

The SEC told the court that India had previously rejected two requests to serve the summons through official channels. The case is the highest-profile legal action involving an Indian conglomerate in the US, with the regulator attempting to serve summons on Adani Group founder Gautam Adani and his nephew Sagar Adani since last year.

The Reuters report added that the SEC said it does not expect service to be completed through existing channels and has sought court approval to send the summons directly via email to the two executives.

The Adani Group has denied the allegations, calling them baseless, and said it will pursue all available legal remedies to defend itself. The group did not immediately respond to a request for comment on the latest SEC filing. India’s law ministry also did not respond to a request for comment, having previously described the matter as a legal issue between private entities and the United States.

According to the SEC filing, India rejected the summons requests on procedural grounds, including signature and seal requirements. The regulator argued that such requirements are not applicable under international treaties governing cross-border service, including the Hague Convention. In its second rejection in December, India’s law ministry also appeared to question the SEC’s authority to seek service of summons, the filing added.

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