Japan's biggest banks Mizuho Financial, Sumitomo, Mitsubishi plan to maintain ties to Gautam Adani; recovery rally continues

Adani Group News: Days after Adani Group chairman Gautam Adani and others were indicted by US prosecutors in an alleged bribery plot, Japan’s biggest banks plan to maintain their ties to the billionaire industrialist. The development came even as several global firms including Barclays Plc have said that they are reassessing their exposure to Ahmedabad headquartered multinational conglomerate.

ET NWO has learned that Mizuho Financial Group Inc. expects that the latest development will not have a long-lasting impact and intends to continue supporting the Gautam Adani's companies.

Sumitomo Mitsui Financial Group Inc. and Mitsubishi UFJ Financial Group Inc. also have no plans to reassess their stand. In fact, they will be open to fresh financing if needed later.

Meanwhile, all the 11 listed companies' shares on Friday rallied up to 15 per cent in early morning deals.

Adani Green Energy shares gained as much as 15 per cent to make an intraday high of Rs 1,247.30. Adani Energy Solutions shares were seen trading 11 per cent higher while Adani Total, Adani Power and Adani Ports gained around 2 per cent each. Shares of Ambuja Cements, NDTV surged 2.50 per cent each while ACC were up 1 per cent. Adani Wilmar, Adani Enterprises and Sanghi Industries were up 0.50 per cent each.

Meanwhile, Abu Dhabi's International Holding Company (IHC) has reaffirmed its support to the Adani Group. It said that the its outlook on investments in Gautam Adani-led companies remains unchanged. "Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors," IHC, one of Adani group's key foreign investors, said in a statement. "As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged."