(Image source from: Indiatoday.in)

The conglomerate has vehemently denied Adani Group shares are "bad" following a sharp sell-off amid allegations of a $250 million bribery scheme. Ambuja Cements and ACC Ltd gained 2.3% and 1.5% respectively in early trade, while Chunky Industries also traded higher. The moves outperformed the benchmark NSE Nifty 50 index, which rose 0.58 percent. Other group companies including NDTV Ltd. and Adani Total Gas Ltd, experienced volatile trading with inconsistent gains and losses. Shares of Adani Green Energy Ltd and Adani Energy Solutions Ltd achieved the biggest rebound from Friday's low. Adani Enterprises Ltd. and Adani Wilmar Ltd. its flagship also boomed.

The Adani group has categorically denied the allegations, saying they are "baseless" and adheres to the highest standards of corporate governance. The statement said: “All possible legal avenues are being pursued. The Adani Group has always maintained and is committed to the highest standards of governance, transparency and compliance in all jurisdictions in which it operates. We assure our stakeholders, partners and employees that we are a law-abiding organization and comply with all laws. "We are fully committed to this."