Relief Sweeps Over Ambani, Adani Groups With US-India 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% during trading in Mumbai — the most in two years — while Adani Enterprises Ltd. jumped 11.9%, the most since November 2024. US President Donald Trump said late Monday night that a revised 18% levy would replace the punitive 50% tariffs in return for an agreement that India would stop buying Russian oil.

Mukesh Ambani, chairman of Reliance Industries Ltd.

Photographer: Prakash Singh/Bloomberg

While the trade deal’s details ...