Amid ongoing U.S. legal challenges, Adani Green experiences a 19% surge in stock prices.

• The company at the center of the U.S. indictment controversy, Adani Green Energy, experienced a significant increase of up to 19%.
• On Friday, Adani Energy and Adani Total surged by 14.4% and 7.2%, respectively, and have since gained 43% since the selloff following the indictment.

The stock price of India's Adani Group increased on Friday, continuing a multi-day surge following the group's denial of bribery allegations against its founder, Gautam Adani.

The company that is under investigation in the U.S. indictment storm experienced a 19% drop in stock price. However, since its worst day in six months on November 21, when it fell over 18% to 1,145.70 rupee, the stock has substantially recouped its losses. On Friday, the stock was last trading at 1,286.1 rupee.

On Friday, the stock of Adani Total surged as much as 7.2%, while the stock of Rose rose as much as 14.4%. Despite the selloff following the indictment, Adani Total has gained 43% since then. TotalEnergies had announced that it would suspend new investments linked to the Adani Group.

While Mohit Mirpuri, equity fund manager at SGMC Capital, advised caution about future volatility, he said the recent rebound in the stocks was a sign of "cautious improvement in investor sentiment."

Adani Green Energy's filing on Wednesday stated that Adani and his nephew Sagar Adani were not charged with any violation of the FCPA in the counts set forth in the indictment.

On Wednesday, Adani Enterprises experienced a 11.5% increase, while Adani Green Energy saw a 10% rebound.

Last week, in a New York federal court, Adani and seven other defendants were charged with bribery and fraud in an extensive scheme.

An Indian government official accused a 62-year-old billionaire of paying over $250 million in bribes to secure solar energy contracts that could generate more than $2 billion in profits.

The Indian businessman was accused of deceiving American and foreign investors about the company's compliance with anti-bribery and anti-corruption regulations while securing $3 billion in funding for energy projects.

The group experienced a significant sell-off of its stocks after the indictment, and investors and partners withdrew fresh funds and contracts linked to the group's global businesses. Fitch Ratings had placed several dollar bonds issued by Adani Group companies on its negative ratings watchlist.

The conglomerate, despite facing potential harm to its credibility and growth prospects due to those developments, had strong government support and sufficient liquidity to support its borrowings, according to Arpit Chaturvedi, an advisor with Teneo's geopolitical risk advisory team.

Chaturvedi stated that the group's relationships with capital sources in the Middle East and domestically are likely to remain unaffected.

The resolution of ongoing legal challenges and Adani Group's efforts to enhance transparency will likely impact investors' confidence in India's infrastructure and energy sectors, according to Mirpuri.