Adani stocks in focus as US DOJ may drop 2024 case

Why Adani group stocks are back in focus

Adani Green Energy Ltd, Adani Enterprises Ltd, Adani Energy Solutions Ltd, Adani Power Ltd and other Adani group stocks were in focus on Friday morning after multiple media reports said US authorities are moving to resolve fraud charges against billionaire Gautam Adani. A Bloomberg report, citing people familiar with the matter, said the US Justice Department is preparing to withdraw criminal charges linked to an alleged USD 265 million bribery and fraud scheme, potentially as early as this week. Separately, reports also said the US Securities and Exchange Commission (SEC) is moving toward settling a parallel civil fraud case filed in November 2024.

The developments matter for listed Adani companies because the US cases have remained a key overhang on investor sentiment since late 2024. However, the situation is still evolving and no final court order has been reported. The Adani group and the US Justice Department had not issued an official comment on the Bloomberg report at the time of the coverage cited.

What Bloomberg and other reports said

According to Bloomberg, the Justice Department may announce that it is dropping the charges as soon as this week, based on information shared by people who requested anonymity because the discussions are confidential. Bloomberg also reported that the SEC is moving toward settling the civil case it brought in November 2024.

A separate report from ANI, citing a New York Times report, also said the US Justice Department is contemplating dropping charges against Gautam Adani. That report said the counsel outlined reasons prosecutors allegedly lacked sufficient evidence and jurisdiction to bring the case.

Bloomberg further reported that while the Justice Department could move to drop criminal charges, any SEC resolution would likely involve a monetary penalty. Those details were attributed to sources and were not presented as confirmed terms.

Adani Green’s latest exchange filing on the SEC matter

Adani Green Energy (AGEL) told BSE and NSE on Friday that the US SEC, Gautam Adani and Sagar Adani filed a request for entry of final judgment, on consent, before the US District Court for the Eastern District of New York. The filing date was stated as May 15, 2026 (India time) and May 14, 2026 (New York time). AGEL said the final judgment is awaited.

The company linked this update to the civil complaint pending before the same court involving the SEC and the two individuals. The filing did not state the terms of any consent judgment.

The cases trace back to November 2024: indictment and civil complaint

AGEL had disclosed in November 2024 that the US Department of Justice (DOJ) had issued a criminal indictment and that the US SEC had filed a civil complaint in the US District Court for the Eastern District of New York against its directors Gautam Adani and Sagar Adani. AGEL also said the DOJ named another director, Vneet Jaain, in the criminal indictment.

In that November 2024 disclosure, AGEL referenced the SEC civil complaint as “1:24 Civ. 8080” filed by the SEC against Gautam Adani and Sagar Adani.

Separately, media reports described the indictment as alleging a multi-count case tied to an alleged bribery scheme connected to solar power contracts in India. One report cited allegations of payments of about USD 265 million to Indian government officials, and another described an alleged USD 250 million bribery scheme.

What the SEC case has argued about AGEL’s bond offering

ANI’s coverage cited defence arguments presented to the court around jurisdiction and the nature of the securities involved. The report said that in September 2021, AGEL conducted a USD 750 million bond offering under SEC Rule 144A and Regulation S, which are registration exemptions for private resales to qualified institutional buyers and non-US sales.

According to the report, the defence said AGEL sold bonds outside the US to non-US underwriters, who later resold notes, including a fraction alleged to have been sold to “investors in the United States.” The report said the defendants argued AGEL was not a party to those resale transactions.

The same coverage said the defendants raised grounds including lack of personal jurisdiction, impermissible extraterritorial application, and failure to state a claim, among others.

Earlier court steps and the push to dismiss

ANI reported that on April 8, the US District Court for the Eastern District of New York accepted a plea filed by counsel for Gautam and Sagar Adani for a pre-motion conference to dismiss the SEC case. The report said the counsel indicated an intent to seek dismissal of the SEC’s complaint, and that the defendants were prepared to attend a pre-motion conference if scheduled.

The filing cited in the report listed grounds for dismissal including jurisdictional objections and the argument that alleged misstatements were too vague for a reasonable investor to rely on.

A reminder of the market sensitivity: January 2026 sell-off

The US legal proceedings have triggered sharp reactions in Adani group shares in the past. A Reuters-linked report published on January 24, 2026 said Adani group companies saw a broad sell-off after the SEC sought court permission to serve legal summons via email to Gautam Adani and Sagar Adani. That report said about USD 12,500 million in group market value was wiped out during the session.

It also reported single-day declines including Adani Enterprises falling 10.65% to ₹1,864.2, Adani Green Energy down 14.6%, Adani Energy Solutions down 12%, Adani Ports and Special Economic Zone down 7.5%, and Adani Power down 5.5%.

Key facts and figures from the reported timeline

Market impact: what investors are watching now

For Indian markets, the immediate focus is the sequence of legal outcomes: whether the US Justice Department formally moves to drop the criminal case, and what the SEC’s next filing confirms about any consent judgment. AGEL’s disclosure that a request for final judgment on consent has been filed is a concrete procedural milestone, but it still leaves the final court order pending.

The distinction between the criminal indictment and the SEC civil complaint is also important for investors. The Bloomberg report suggested different end-states: charges could be withdrawn on the criminal side, while the SEC side could end in a settlement that may include penalties. None of those terms were confirmed in the exchange filing.

Analysis: why the legal path matters for Adani group companies

The reported moves, if they materialise, would reduce a major uncertainty that has periodically impacted Adani group valuations, as seen during the January 2026 sell-off tied to the SEC’s summons-service request. Even without new operational disclosures, legal clarity can change risk perception for investors who track governance and funding access.

At the same time, the market is likely to treat the story as unfinished until a court order is on record. AGEL has explicitly said the final judgment is awaited, and the Bloomberg report itself described the DOJ and SEC discussions as confidential.

What comes next

The next confirmed datapoint from the company side is the awaited final judgment in the SEC civil matter referenced by AGEL, following the request filed before the Eastern District of New York. Separately, investors will watch for any formal announcement or court filing indicating whether the Justice Department is withdrawing the criminal case, as reported by Bloomberg and echoed in other coverage.

Until those steps are documented, Adani group stocks are likely to remain sensitive to incremental updates from US courts, regulators, and exchange filings.