• Adani Green Energy, the company in the eye of the U.S. indictment storm, jumped as much as 19%.
• Adani Energy rose as much as 14.4% on Friday while Adani Total surged as much as 7.2% — it has gained 43% since the selloff following the indictment.

Shares in India's Adani Group climbed further on Friday, resuming a multi-day rally on the back of the group's statement refuting bribery charges against its billionaire chairman, Gautam Adani.

Adani Green Energy, the company in the eye of the U.S. indictment storm, jumped as much as 19%. The stock has substantially recouped its losses since its worst day in six months on Nov. 21, when it plunged over 18% to 1,145.70 rupee. The stock was last trading at 1,286.1 on Friday.

Adani Energy rose as much as 14.4% on Friday while Adani Total surged as much as 7.2% — it has gained 43% since the selloff following the indictment. TotalEnergies had announced to suspend new investments linked to Adani Group.

The recent rebound in the stocks reflected "a cautious improvement in investor sentiment," Mohit Mirpuri, equity fund manager at SGMC Capital told CNBC, while cautioning of more volatility as the case unfolds.

The stock recovery follows a filing by Adani Green Energy on Wednesday, which stated Adani and his nephew Sagar Adani "have not been charged with any violation of the FCPA [U.S. Foreign Corrupt Practices Act] in the counts set forth in the indictment."

Following the Wednesday release, Adani Green Energy stock rebounded 10%, while the flagship Adani Enterprises jumped 11.5%.

Adani and the seven other defendants were indicted in a New York federal court last week over their alleged involvement in an extensive bribery and fraud scheme.

The 62-year-old billionaire was accused of paying over $250 million in bribes to Indian government officials to secure solar energy contracts that could generate more than $2 billion in profits.

The Indian industrial tycoon was also charged with misleading U.S. and international investors about the company's adherence to antibribery and anticorruption standards while raising over $3 billion to finance energy projects.

Following the indictment, the group saw a massive sell-off in its stocks, while investors and partners rolled back fresh funds and contracts tied to the group's businesses spanning across the world. Fitch Ratings had put several dollar bonds issued by Adani Group companies on its negative ratings watchlist.

While those developments would "hurt Adani's credibility and growth prospects," the conglomerate enjoyed "strong government backing and sufficient liquidity to back their borrowings," said Arpit Chaturvedi, an advisor with Teneo's geopolitical risk advisory team.

"The group's relations with capital sources elsewhere such as the Middle East and domestically, are likely to remain unharmed," Chaturvedi added.

Referring to the few comparable players in India's infrastructure and energy sectors, Mirpuri noted that the investors' confidence will likely hinge on the "resolution of the ongoing legal challenges" and Adani Group's steps aimed at enhancing transparency.