Adani Group companies continued their winning streak on Friday, marking the third consecutive day of gains across the conglomerate’s listed entities. Shares of several group firms surged up to 9%, even as the group faced ongoing scrutiny over allegations of bribery by its top executives.

Adani Green Energy Ltd spearheaded the rally with its shares climbing up to 9% during early trading hours. Other gainers included Adani Total Energy Solutions Ltd, which was up 8%, Adani Total Gas, which gained 5%, and Adani Power, which was also up 5%. Adani Enterprises, Adani Ports and Special Economic Zone, and Adani Wilmar all rose by 3%. Media subsidiary New Delhi Television Ltd (NDTV) recorded a 5% gain, while cement giants Ambuja Cements Ltd and ACC Ltd saw their stock prices rise by up to 3%.

Despite the turmoil, the group has received unwavering support from prominent international investors. Abu Dhabi-based International Holding Company (IHC), the investment arm of the UAE’s ruling family, reaffirmed its confidence in the Adani Group. IHC, the third-largest foreign investor in the conglomerate, has invested $2.5 billion in the group, trailing behind French energy giant TotalEnergies ($3.85 billion) and US-based GQG Partners ($3 billion).

Last week, GQG Partners backed the conglomerate in a note to its investors. Currently, GQG holds investments worth over $8 billion across seven Adani-listed companies.

Impact of Allegations
The 11 listed Adani companies had shed a combined market capitalisation of $55 billion as of Wednesday, following news of bribery allegations against founder Gautam Adani and two senior executives. US prosecutors have charged Adani, his nephew Sagar Adani, and Vneet Jaain, Managing Director of Adani Green Energy, with allegedly paying Rs 2,029 crore in bribes to Indian government officials.

The charges include alleged violations of securities and wire fraud laws in connection with securing favourable power supply agreements. Prosecutors also named former executives from Azure Power and Canadian investor Caisse de dépôt et placement du Québec (CDPQ) in their investigation.

Adani Group’s Response
The Adani Group has categorically denied the allegations, asserting that its executives have not been implicated under the Foreign Corrupt Practices Act (FCPA), as outlined by the US Department of Justice (DOJ) and Securities and Exchange Commission (SEC). Adani Green clarified in a stock exchange filing that the DOJ’s indictment and SEC’s civil complaint do not mention Gautam Adani, Sagar Adani, or Vneet Jaain.

Support from International Allies
In a show of solidarity, Israel’s ambassador to India, Reuven Azar, encouraged the Adani Group to continue its investments in Israel, reiterating his country’s support for the conglomerate despite the US charges. He emphasized that the allegations are not viewed as a concern by Israel, which continues to value Adani’s contributions to bilateral trade and infrastructure development.