In a relief for investors, the shares of Adani Group firms extended their recovery on Monday, with gains of up to 6 per cent. Large-cap stocks such as Adani Enterprises and Adani Ports and Special Economic Zone rose by 4 per cent and 5 per cent, respectively.

Meanwhile, other stocks, including Adani Power, Adani Green Energy, and Adani Wilmar, also saw buying interest from lower levels, pushing these stocks up by 3-6 per cent. 

The Adani Family has 11 listed entities on the Indian stock exchanges - flagship incubator Adani Enterprises Ltd, electricity producer Adani Power Ltd, ports company Adani Ports & SEZ, power transmission firm Adani Energy Solutions Limited, renewable arm Adani Green Energy Ltd (AGEL), city gas distributor Adani Total Gas Ltd, commodities firm Adani Wilmar Ltd, media firm New Delhi Television Ltd and cement companies Ambuja Cements Limited, ACC Ltd, and Sanghi Industries Ltd.

At the same time, the Indian stock markets rallied on Monday after the BJP-led government secured a majority in the latest state elections in Maharashtra. 

The Nifty 50 index gained more than 1.45 per cent or 346.30 points to open at 24,253.55 points, while the BSE Sensex index surged 1,076 points or 1.36 per cent to open at 80,193.47 points.

Experts noted that the election results have an impact on the markets today, and if past trends are followed, the markets may witness some rally amid the return of the BJP in the Maharashtra state elections.

The move barely days after Billionaire Gautam Adani, his nephew Sagar Adani, and others were charged by US prosecutors in connection with an alleged scheme to pay USD 265 million (about Rs 2,200 crore) in bribes to Indian officials in exchange for favourable terms for solar power contracts. 

In its response to the case in the US, Adani Group firms on Thursday had said "there are no allegations made against the company".

On clarification with regard to Kenya cancelling airport expansion and energy deals following the US bribery and fraud indictments, the group is yet to respond to the bourses.