Adani fraud charges dropped

U.S. federal prosecutors have moved to dismiss criminal fraud and conspiracy charges against Indian billionaire Gautam Adani and several top executives.

The decision follows a series of settlements with the Treasury and Justice departments involving alleged violations of Iranian energy sanctions.

Adani Group stocks rallied up to 3.5% following the news, which effectively closes a high-profile legal battle that had shadowed the conglomerate for years.

Critics have pointed to Adani's recent commitment to invest $10 billion in U.S. infrastructure as a potential transactional factor in the resolution of the case.