During Thursday’s trading session, within a few minutes of the stock market opening bell, all 10 Adani Group shares slipped into the red zone. Adani Group has issued a statement refuting the allegations, stating that this is another unsubstantiated attempt by financially motivated interests, which a certain section of foreign media has supported, to revive the discredited Hindenburg Report.
Stock Market Update Today: Despite Adani Group’s denial of fresh allegations brought by the Organized Crime and Corruption Reporting Project (OCCRP), a bearish trend was observed in Adani Group shares during morning trades. Within minutes of the stock market opening bell today, all Adani Group shares moved into the red zone.
Amidst morning trades, Adani Power shares saw a drop of over 3%, while Adani Transmission’s stock price fell by as much as 3.3% during the early session. During Thursday’s trading, Adani Enterprises’ shares experienced a decline of 2.50%, while Adani Green Energy and Adani Total Gas shares also saw a decrease of 2.25%.
Latest News from Adani: In a new set of allegations, OCCRP has accused Adani Group of employing ‘opaque investments’ through Mauritius. Non-profit media organizations reported that they have come across two cases where investors purchased and sold Adani stocks through offshore structures.
Learn about the two men who secretly invested in the Adani Group, one of India’s largest and most powerful companies — and their close ties to its majority owners, the Adani family — raising questions about violations of Indian law, in our story: https://t.co/dzz1ZNC4Hv
— Organized Crime and Corruption Reporting Project (@OCCRP) August 31, 2023
Adani Group Denies Allegations:
However, Adani Group has refuted these allegations. Just before the opening bell of India’s stock market, the group issued a press statement, indicating that these news reports align with George Soros-backed vested interests, which a section of foreign media has supported to resurrect the discredited Hindenburg Report.
“These claims are based on decade-old closed cases when the Directorate of Revenue Intelligence (DRI) investigated allegations of over-invoicing, fund transfers overseas, related-party transactions, and investments through FPIs. Both an independent adjudicator and an appellate tribunal affirmed that no overvaluation existed and the transactions were compliant with applicable laws. The case concluded in March 2023 with a favorable decision from the Supreme Court of India. Clearly, as there was no over-valuation, these allegations have no relevance or basis for monetary transfers,” stated Adani Group.
Adani Group further stated that the aim of such endeavors, among other things, is to lower our stock prices and generate profits. Investigations by various authorities into these minor traders are ongoing. The statement emphasized the importance of respecting the ongoing regulatory process, as the Supreme Court and SEBI are monitoring these cases.
“We have full confidence in the due process of law and are committed to transparency and adherence to corporate governance standards. In light of these facts, these news reports are untimely, speculative, and malicious—claims that we wholly reject,” concluded Adani Group in its response.