Shares of India's Adani Group companies reversed early gains to trade lower on Friday. Reports suggest the U.S. Justice Department is close to dropping criminal fraud charges against billionaire chairman Gautam Adani.
Adani Enterprises, which rose up to 3.5% pre-market, fell over 1% by 10:02 IST.
Adani Power dropped 2.5%, while Adani Green Energy slipped nearly 3%.
Bloomberg News reported Thursday that U.S. authorities are moving to resolve fraud and bribery cases against Adani, potentially dropping criminal charges this week.
Reuters separately reported that the SEC settled a related civil lawsuit against Adani, subject to court approval.
Under the settlement, Gautam Adani and his nephew Sagar Adani agreed to pay $18 million in civil penalties without admitting wrongdoing.
The allegations stem from a 2024 indictment accusing Adani of involvement in a $265 million bribery scheme linked to Indian solar contracts. The Adani Group has denied wrongdoing.
The stock reversal reflects profit-taking after recent gains and uncertainty over the U.S. investigation outcome.
