Shares of Adani group such as Adani Enterprises Ltd, Adani Power Ltd and Adani Green Energy Ltd, among others, are in focus on Friday morning after the Adani group rejected Hindenburg Research's allegations regarding the alleged seize of Adani's $310 million funds in several Swiss accounts due to money laundering and securities forgery investigation. Replying to the allegations, Adani group said it "unequivocally reject and deny the baseless allegations presented."
The group, led by Gautam Adani, said it has no involvement in any Swiss court proceedings, nor have any of its company accounts been subject to sequestration by any authority.
"Furthermore, even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws," Adani group said.
Earlier, Hindenburg Research citing Swiss criminal court records, as reported by a Swiss media outlet, suggesting an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks.
"These allegations are clearly preposterous, irrational, and absurd. We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value. The Adani Group remains steadfastly committed to transparency and compliance with all legal and regulatory requirements," Adani group said.
A host of Adani group stocks settled higher on Thursday. Adani Enterprises settled 1.47 per cent higher at Rs 2,980.90. Adani Power jumped 3.57 per cent to Rs 649.60. Adani Ports advanced 2.65 per cent to Rs 1,468.55. Adani Energy Solutions Ltd added 0.79 per cent to Rs 1,006.