In a major development, the United States Department of Justice (DOJ) has dropped all charges against Gautam Adani, chairman of the Adani Group, and permanently closed the case.
The decision was formally communicated to the court on Monday, bringing an end to the legal proceedings that had cast a shadow over the Indian conglomerate for nearly 18 months.
What the DOJ said
In a one-page filing submitted to the Eastern District Court of New York, prosecutors stated that they were moving to dismiss the indictment against Adani and other named executives “in the interest of justice.”
The filing did not provide detailed reasons but indicated that further investigation had not yielded sufficient evidence to proceed to trial.
A DOJ spokesperson later confirmed that the case has been closed permanently and cannot be reopened.
Adani Group’s response
The Adani Group issued a statement calling the development a “complete vindication.”
“From the very beginning, we have maintained our full innocence and cooperation with all authorities. The U.S. Department of Justice has now confirmed that there is no case. All charges are dropped. There is no finding of any wrongdoing whatsoever,” the statement read.
The group thanked its stakeholders, business partners, and investors for their patience and trust during the legal proceedings.
What were the allegations?
In November 2024, the DOJ had indicted Gautam Adani and seven other executives, alleging their involvement in a scheme to pay approximately ₹2,000 crore in bribes to secure solar energy contracts in India.
Adani Green Energy had also received a subpoena from the U.S. Securities and Exchange Commission (SEC) regarding the same matter.
The Adani Group had consistently denied the allegations, calling them “baseless” and “politically motivated.”
Market reaction
Indian stock markets reacted sharply positive to the news. Adani Group stocks surged between 12% and 18% in early trading on Tuesday.
Adani Enterprises rose 14.5%, Adani Green Energy jumped 17.2%, and Adani Ports gained 11.8%. The group’s total market capitalization increased by over ₹1.5 lakh crore within hours of the announcement.
Political reactions in India
The ruling BJP welcomed the decision, with senior leaders accusing the Opposition of “jumping the gun” on the allegations when they first surfaced.
“Those who danced on foreign streets demanding Adani’s arrest must now apologise to the nation,” said a party spokesperson.
The Congress party, however, raised questions about the timing and lack of explanation from the DOJ. “The American system has closed the case, but that does not erase the need for a parliamentary probe into the original contracts,” said a Congress leader.
Impact on Adani’s global plans
The dropping of charges removes a major obstacle to the Adani Group’s global expansion plans. Several international lenders and investment funds had put projects on hold pending the outcome of the case.
With the case now closed permanently, analysts expect renewed foreign investment into Adani’s green energy, port, and data centre projects.
What happens next
The Adani Group has indicated it will now focus fully on its announced ₹7 lakh crore capital expenditure plan over the next five years.
Gautam Adani himself has not yet made a public statement, but sources close to him said he was “relieved” and “grateful” to his legal team and supporters.
The case, which once threatened to derail one of India’s largest business empires, has now come to an unexpected and conclusive end in the group’s favour.
