Friday, June 14, 2024
HomeBusinessAdani Group stocks fall; Adani Green Energy declines over 4% after OCCRP...

Adani Group stocks fall; Adani Green Energy declines over 4% after OCCRP report

Shares of Adani group stocks fell on Thursday after a report from investigative reporting platform OCCRP alleged hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based ‘opaque’ investment funds managed by partners of promoter family of billionaire Gautam Adani.

However, the conglomerate denied the charges vehemently.

On the BSE, the stock of Adani Green Energy nosedived 4.43 per cent to Rs 927.65 apiece, with a market capitalisation of Rs 1.47 lakh crore.

The scrip of Adani Power plunged 3.82 per cent to Rs 315.85, flagship firm Adani Enterprises declined 3.56 per cent to Rs 2,424 and Adani Energy Solutions fell 3.18 per cent to Rs 814.95 apiece on the bourse.

Also, Adani Ports and Special Economic Zone (APSEZ) slipped 2.75 per cent to Rs 796.50, Adani Total Gas dipped 2.74 per cent to Rs 634.60, NDTV fell 2.69 per cent to Rs 213.30 and Adani Wilmar declined 1.83 per cent to Rs 362.20 per piece on the BSE.

Shares of ACC dipped 3.15 per cent to Rs 1,937.10 and Ambuja Cements fell 2.84 per cent to Rs 431.60.

Festive offer

In the morning session, the 30-shares BSE Sensex was trading 38.32 points or 0.06 per cent lower at 65,048.93 points.

The fresh allegations by an organisation funded by likes of George Soros and Rockefeller Brothers Fund come months after a US short seller wiped away close to USD 150 billion in value of Adani group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate run by billionaire Gautam Adani. Adani Group has denied all Hindenburg allegations.

Citing review of files from multiple tax havens and internal Adani Group emails, OCCRP (Organised Crime and Corruption Reporting Project) said its investigation found at least two cases where the “mysterious” investors bought and sold Adani stock through such offshore structures.

Most Read 1India vs Australia Highlights, World Cup 2023: Virat Kohli, KL Rahul help India recover from early setback and win by 6 wickets against Australia 2One Scindia makes way for another? BJP abuzz after Yashodhara Raje bids ‘goodbye’ to Shivpuri 3Israel-Palestine News Live Updates: This is our 9/11, says Israel as death toll from Hamas attack mounts to over 600 4Kajol says she doesn’t seek professional ‘validation’ from Ajay Devgn: ‘We have 2 kids, 4 cars and 2 dogs to talk about’ 5Threat to kill PM, blow up Modi stadium: Security agencies on alert as email demands Rs 500 cr, release of Lawrence Bishnoi

The two men, Nasser Ali Shaban Ahli and Chang Chung-Ling, who OCCRP claimed have longtime business ties to the Adani family and have also served as directors and shareholders in Group companies and firms associated with Gautam Adani’s elder brother Vinod Adani, “spent years buying and selling Adani stock through offshore structures that obscured their involvement – and made considerable profits in the process.” The documents “show that the management company in charge of their investments paid a Vinod Adani company to advice them in their investment”, it alleged.

Adani in a statement categorically rejected what it called as “recycled allegations”, calling them “yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report”.

Also ReadBusinesses cannot be run on 'black box' model : Sebi chief on algo tradingMarket Highlights: Sensex tanks over 2,700 points, Nifty settles below 16…Goldman Sachs pays Rs 26.44 lakh to settle FPI guidelines violation case …Yatra Online shares list on bourses at 10% discount

“These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs. An independent adjudicating authority and an appellate tribunal had both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law. The matter attained finality in March 2023 when the Supreme Court of India ruled in our favour. Clearly, since there was no over-valuation, there is no relevance or foundation for these allegations on transfer of funds,” it said.

RELATED ARTICLES
- Advertisment -

Most Popular