shares of companies within the Adani Group experienced declines
The shares of companies within the Adani Group experienced declines on Thursday following allegations from the investigative reporting platform OCCRP. The report suggested that hundreds of millions of dollars had been invested in publicly traded Adani Group stocks through Mauritius-based investment funds with opaque structures, managed by associates of the billionaire Gautam Adani’s promoter family.
Despite these allegations, the Adani Group vehemently denied any wrongdoing. On the Bombay Stock Exchange (BSE), Adani Green Energy’s stock saw a significant decrease of 4.43 percent, trading at Rs 927.65 per share, with a market capitalization of Rs 1.47 lakh crore. Adani Power’s share price dropped 3.82 percent to Rs 315.85, while Adani Enterprises, the flagship company, declined by 3.56 percent to Rs 2,424, and Adani Energy Solutions fell by 3.18 percent to Rs 814.95 per share.
Other companies within the Adani Group also saw declines in their stock prices, with Adani Ports and Special Economic Zone (APSEZ) slipping by 2.75 percent to Rs 796.50, and Adani Total Gas dropping 2.74 percent to Rs 634.60. NDTV’s share price fell by 2.69 percent to Rs 213.30, and Adani Wilmar declined by 1.83 percent to Rs 362.20 per share on the BSE.
During the morning session, the benchmark 30-share BSE Sensex was trading slightly lower, down by 38.32 points or 0.06 percent, at 65,048.93 points.
It’s worth noting that these fresh allegations from an organization funded by individuals such as George Soros and the Rockefeller Brothers Fund come after a US short seller previously alleged accounting fraud, stock price manipulation, and improper use of tax havens by the Adani Group. This had resulted in a significant reduction in the value of Adani Group shares, amounting to nearly USD 150 billion. The Adani Group has consistently denied all allegations made by the Hindenburg report.
