Adani Group stocks hogged the limelight on Tuesday, February 11, rising by as much as 4% during early trading, following reports that several Congress members had written to the newly-appointed U.S. Attorney General, urging an investigation into the previous Department of Justice’s (DoJ) indictment of Adani Group officials.
However, most Adani stocks were unable to sustain these gains due to a sharp selloff in the Indian stock market.
Looking ahead, Gautam Adani-led stocks are expected to remain in focus tomorrow as well amid a report that U.S. President Donald Trump has paused the enforcement of the foreign bribery law, a development that could potentially impact the group’s prospects.
According to a PTI report, Trump signed an executive order directing the DoJ to pause enforcement of the nearly 50-year-old law that was used to initiate a bribery investigation against the Adani Group.
The order halts the enforcement of the 1977 Foreign Corrupt Practices Act (FCPA), which prohibits American companies and foreign firms from bribing foreign government officials to obtain or retain business.
The President directed US Attorney General Pam Bondi to pause enforcement of FCPA, which was at the heart of some of the US Department of Justice’s most high-profile cases, including an indictment against Indian billionaire and Adani Group head Gautam Adani and his nephew Sagar, the PTI report added.
