Ambani, Adani group stocks surge after India-US finalise trade deal

The flagship firms of billionaires Mukesh Ambani and Gautam Adani saw their shares surge after India and the US announced a much-awaited trade pact, easing months of geopolitical tensions.

Shares of Reliance Industries Ltd. climbed as much as 7.1 per cent during trading in Mumbai — the most in two years — while Adani Enterprises Ltd. jumped 11.9 per cent, the most since November 2024. US President Donald Trump said late Monday night that a revised 18 per cent levy would replace the punitive 50 per cent tariffs in return for an agreement that India would stop buying Russian oil.

While the trade deal’s details are still unknown, it removes a key overhang for companies led by Asia’s two richest people, both of whom had been in American cross-hairs for much of last year for different reasons.

Representatives for Reliance and the Adani Group did not immediately respond to an email seeking comments on the trade deal.

Reliance had become collateral damage when US officials, including Trump’s trade adviser Peter Navarro and US Treasury Secretary Scott Bessent, began criticising India for Russian crude purchases, singling out “India’s politically connected energy titans.” Adani has been indicted in a US bribery probe that has been in limbo for months, even as the tycoon sought resolve it through a powerful network of American lobbyists and lawyers.

The trade deal paves the way for Reliance to focus on the resumption of Venezuelan oil imports, according to people familiar with the matter.

Reliance, which sees Venezuelan oil as a strategic alternative given the tension around Russian crude supplies, is now seeking guidance from the US and Indian governments before finalising any procurement plans, they added, asking for anonymity to discuss private information.

For Adani, the improved India-US relationship will help in finding a resolution on the Department of Justice indictment, the people said. Ahead of the trade deal, the US Securities and Exchange Commission’s lawsuit against Adani cleared a procedural hurdle last week with a New York-based lawyer telling the judge that he could accept the lawsuit on Adani’s behalf.

The share rally on Tuesday will offset some of the recent decline that’s led to a $24 billion wipeout in their combined net worth so far in 2026, estimates by Bloomberg Billionaires Index show. Even with today’s rally, Reliance shares are down 8 per cent this year.