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AEL, Adani Power, Adani Green, Adani Total Gas shares: 10 Adani stocks fall after OCCRP report; group replies

AEL, Adani Power, Adani Green, Adani Total Gas shares: 10 Adani stocks fall after OCCRP report; group replies

Adani Enterprises fell 2.02 per cent to Rs 2,462.90 on BSE. The stock fell as much as 4.4 per cent in early trade, before recovering some ground.

Adani Ports was down 1.64 per cent to Rs 805.55. Adani Power slipped 1.84 per cent to Rs 322.35. Adani Energy Solutions declined 1.87 per cent to Rs 826.05. Adani Ports was down 1.64 per cent to Rs 805.55. Adani Power slipped 1.84 per cent to Rs 322.35. Adani Energy Solutions declined 1.87 per cent to Rs 826.05.
SUMMARY
  • Adani Green (down 2.16 per cent) and Adani Total Gas (down 1.5 per cent) fell up to 2.2 per cent.
  • Adani Wilmar fell 0.54 per cent; cement makers ACC and Ambuja Cements fell 1 per cent each.
  • NDTV stock edged 0.2 per cent lower; Adani group categorically rejected the “recycled allegations".

Adani group stocks including Adani Enterprises, Adani Ports, Adani Green Energy, Adani Total Gas and Adani Energy Solutions fell up to 4 per cent in Thursday's trade after OCCRP, an investigative reporting platform, backed by George Soros, said millions of dollars were invested in some publicly traded stocks of the group via opaque Mauritius funds that obscured involvement of alleged business partners of the Adani family.

The Adani group categorically rejected the "recycled allegations" and said the news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report.

"In fact, this was anticipated, as was reported by the media last week. 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," Adani group said in response.

Watch: Adani Enterprises, Adani Green, Adani Total Gas, other group shares fall after OCCRP report alleges family-controlled entities bought own shares; Hindenburg 2.0 for Adani Group? Check details

Shares of flagship Adani Enterprises fell 2.02 per cent to Rs 2,462.90. The stock fell as much as 4.4 per cent in early trade, before recovering some ground. Adani Ports was down 1.64 per cent to Rs 805.55. Adani Power slipped 1.84 per cent to Rs 322.35. Adani Energy Solutions declined 1.87 per cent to Rs 826.05. Adani Green Energy (down 2.16 per cent), Adani Total Gas (down 1.5 per cent) and Adani Wilmar (down 0.54 per cent) also fell up to 2.2 per cent. Cement makers ACC and Ambuja Cements fell 1 per cent each. NDTV stock edged 0.2 per cent lower.

Citing review of files from multiple tax havens and internal Adani Group emails, non-profit media organisation OCCRP said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures, Reuters reported.

"The matter attained finality in March 2023 when the Hon'ble 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. Notably, these FPIs are already part of the investigation by the Securities and Exchange Board of India (SEBI). As per the Expert Committee appointed by the Hon’ble Supreme Court, there is no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices," Adani group said.

The group added that "it is unfortunate that these publications, which sent us queries, chose not to carry our response in full."

These attempts, the Adani group said, are aimed at, inter alia, generating profits by driving down our stock prices and these short sellers are under investigation by various authorities.

Also read: MSCI rejig today: IDFC First Bank, REC, PFC, Ashok Leyland, HDFC AMC shares to see $152-$214 million inflows

Also read: Adani Enterprises, Adani Power, Adani Green Energy shares: Adani stocks in news after OCCRP report on opaque Mauritius funds

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Aug 31, 2023, 9:34 AM IST
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Adani Total Gas Ltd
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