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Stock market indices opened flat on Wednesday following recent gains in previous sessions. Adani Group stocks rose by up to 5% in early trade after Adani Green Energy Ltd clarified that Gautam Adani, Sagar Adani, and executive Vneet Jaain were not implicated in alleged violations of the US Foreign Corrupt Practices Act (FCPA).
By 9:30 AM, the S&P BSE Sensex was down 61.58 points at 79,942.48, and the NSE Nifty50 fell 13.55 points to 24,180.95.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that markets are stabilizing as concerns over persistent FII selling ease. He added that while President-elect Trump’s proposed tariffs on imports from Mexico, Canada, and China are creating global trade uncertainty, India is unlikely to face immediate repercussions but may attract attention due to its trade surplus with the US. Markets are expected to consolidate in the absence of strong triggers.
Shares of Adani Group companies, including Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Enterprises, gained up to 5% in early trade on Wednesday. The rally followed the group’s clarification that key executives, including Gautam Adani and Sagar Adani, were not charged under the US Foreign Corrupt Practices Act (FCPA).
Adani Green Energy shares rose 3.9% to ₹933.60, while Adani Power surged 5.16% to ₹460.25. Adani Enterprises gained 3.57% to ₹2,227.20. Other stocks like Adani Total Gas and Adani Wilmar also saw modest increases.
The gains came after Adani Green Energy refuted allegations of bribery, stating no charges were filed against its executives by US authorities. This clarification helped the group recover from losses triggered by Moody’s recent downgrade, which raised concerns about funding risks. Investor sentiment appeared to stabilize following the statement.
The Enforcement Directorate (ED) on Wednesday conducted raids at several locations in Delhi and nearby areas in connection with a money laundering investigation linked to an alleged bank loan fraud involving the former promoters of Kwality Ltd, sources said.
About 12 premises are being searched under the Prevention of Money Laundering Act (PMLA). The case stems from a 2020 CBI FIR accusing Kwality Ltd and its directors of defrauding a consortium of 10 banks, led by the Bank of India, of over Rs 1,400 crore through inflated financial statements and fund diversion.
The searches target the former promoters, directors, and key personnel of the now-liquidated dairy company, which began as an ice-cream manufacturer and later expanded into milk-based products. Notable former directors include Sanjay Dhingra, Siddhant Gupta, and Arun Srivastava.
Ola Electric shares surged 9% to an intraday high of Rs 83.70 on the NSE following the launch of two new electric scooters, the S1 Z and Gig range, priced from Rs 39,000, making them the company’s most affordable options. CEO Bhavish Aggarwal announced the launch on X, highlighting the scooters’ accessibility and innovative portable battery pack that doubles as a home inverter via the Ola PowerPod.
Despite the rise, Ola Electric has faced criticism over service and product issues, and its stock has dropped 41% in the last three months. On Tuesday, shares closed at Rs 73.5, up 5.7%, outperforming the Sensex’s 0.13% dip. With a market cap of Rs 32,406 crore, analysts like Anshul Jain of Lakshmishree Investments note a short-term recovery to Rs 84 but caution that the stock’s broader outlook remains weak.
