The SEC charges Adani Group's chairman with bribery and issues a subpoena, while federal prosecutors pursue fraud allegations against him.

Adani Group stocks gained momentum in Wednesday’s trade, climbing up to 7%, after the group clarified allegations concerning US Foreign Corrupt Practices Act (FCPA) violations. The surge comes as Adani Green Energy Ltd (AGEL) issued a statement dispelling claims of bribery charges against key executives,

The Adani Group has refuted the alleged bribery allegations made by the US Department of Justice and the US Securities and Exchange Commission against Group's founder and Chairman Gautam Adani his nephew Sagar Adani and MD CEO Adani Green Energy Vineet Jaain in a filing with the stock exchanges.

Since the bribery indictment last week, Indian billionaire Gautam Adani's net worth has tumbled almost $16 billion to about $54 billion currently, according to Forbes real-time data. The group is also facing a backlash from investors and business partners.

The scandal centers on Adani Green Energy, but GQG was quick to clarify the charges target individuals, not the company or its broader operations.

American investment firm GQG Partners decided not to sell shares of Adani Group companies, stating that the exposure was manageable even during stock market volatility. The firm does not feel the US securities regulator's claims will have any material impact on the group.