Adani Group stocks fall over 4%

New Delhi Shares of most of the Adani group company ended lower on Thursday after a report from investigative reporting platform OCCRP alleged hundreds of millions of dollaRswere invested in publicly traded group stocks through Mauritius-based ‘opaque’ investment funds managed by partneRsof promoter family of billionaire Gautam Adani.

However, the conglomerate denied the charges vehemently. Nine of the group firms settled in the negative territory, while one ended in the green on Thursday. The stock of Adani Green Energy nosedived 4.39 per cent to settle at Rs928.05 apiece, while shares of flagship firm Adani Enterprises plunged 3.77 per cent to close at Rs2,418.80 and Ambuja Cements tanked 3.53 per cent to end at Rs428.50 per piece on the BSE. Shares of Adani Energy Solutions dipped 3.52 per cent to close at Rs812.15, Adani Ports and Special Economic Zone (APSEZ) slipped 3.37 per cent to settle at Rs791.40, Adani Total Gas declined 2.59 per cent to end at Rs635.60 on the bourse. In addition, scrip of Adani Wilmar fell 2.56 per cent to close at Rs359.50, Adani Power at Rs321.05 and NDTV at Rs214.60. Besides, stock of ACC gained 0.47 per cent to end at Rs2,009.55 per piece on the BSE. Meanwhile, the 30-share BSE Sensex settled 255.84 points or 0.39 per cent lower at 64,831.41 points on Thursday.

The fresh allegations by an organisation funded by likes of George Soros and Rockefeller BrotheRsFund 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” investoRsbought and sold Adani stock through such offshore structures. 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 directoRsand shareholdeRsin Group companies and firms associated with Gautam Adani’s elder brother Vinod Adani, “spent yeaRsbuying and selling Adani stock through offshore structures that obscured their involvement - and made considerable profits in the process.”