After the OCCRP report, Adani Group’s shares experienced a downturn.

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adani groups shares

Adani Group’s shares

On the Bombay Stock Exchange (BSE), Adani Green Energy’s share fell by 4.43% to ₹927.65, with a market capitalization of ₹1.47 lakh crore.

Following a report from the investigative platform OCCRP, Adani Group’s shares saw a decline on Thursday. Allegations were made that through ‘opaque’ investment funds managed by stakeholders of billionaire Gautam Adani’s promoter family in Mauritius, significant investments worth millions of dollars were made in the group’s shares for public trading.

On BSE, Adani Power’s share dropped by 3.82% to ₹315.85, the main company Adani Enterprises’ share fell by 3.56% to ₹2,424, and Adani Energy Solutions’ share decreased by 3.18% to ₹814.95.

Furthermore, Adani Ports and Special Economic Zone (APSEZ) fell by 2.75% to ₹796.50, Adani Total Gas dropped by 2.74% to ₹634.60, Adani Transmission fell by 2.69% to ₹213.30, and Adani Wilmar decreased by 1.83% to ₹362.20 per share on BSE.

ACCI’s share fell by 3.15% to ₹1,937.10, and Ambuja Cements’ share dropped by 2.84% to ₹431.60.

During the morning session, the 30-share BSE Sensex was trading at 65,048.93 points with a decline of 38.32 points or 0.06%.

adani groups shares

New allegations funded by organizations like George Soros and Rockefeller Brothers Fund have surfaced a few months later, when an American short-seller accused Adani Group of accounting fraud, stock price manipulation, and improper use of taxes, causing a drop of around $150 billion in Adani Group’s share value. Operated by Gautam Adani, the group’s business is centered around the Adani Ports – SEZ conglomerate. Adani Group has denied all allegations from the Hindenburg Report.

The OCCRP (Organized Crime and Corruption Reporting Project) referred to various tax havens and internal Adani Group emails, highlighting at least two cases where ‘secretive’ investors purchased and sold Adani stocks through such intricate structures. They claim that through these structures, Adani stock trading was opaque and profitable, casting doubts on their involvement.

Two individuals, Nasir Ali Shabban Ahli and Chang Chung-ling, who have been claimed by OCCRP to have long-standing commercial ties with the Adani family, allegedly worked as directors and shareholders in group companies and firms affiliated with Gautam Adani’s older brother Vinod Adani. These transactions have muddied their involvement, as they were revealed to be major beneficiaries of their investment management firm’s payments to Vinod Adani’s firm for advising on their investments.

Adani has categorically dismissed this as “recycled allegations,” and referred to it as “another futile attempt by a section of foreign media supported by Soros-financed interests to rejuvenate a moribund Hindenburg Report.”

“These allegations are based on closed matters from a decade ago when the Directorate of Revenue Intelligence (DRI) conducted investigations into allegations of over-invoicing, transfer of money abroad, related party transactions, and investments through FPIs. Both an independent adjudicating authority and an appellate tribunal were unanimous that there was no over-valuation and the transactions were as per applicable laws. The matter concluded in March 2023 when the Supreme Court of India ruled in our favor. Since there was no over-valuation, these allegations are devoid of context or basis on the transfer of funds,” they said.

After an OCCRP report, Adani Group’s shares declined. Adani Green Energy’s share fell 4.43% to ₹927.65 on BSE, with a market cap of ₹1.47 lakh crore. The report alleged opaque investments of millions via Mauritius in group shares for public trading. Adani Power, Enterprises, Energy Solutions fell 3.82%, 3.56%, 3.18% respectively. Adani Ports, Total Gas, Transmission, and Wilmar fell 2.75%, 2.74%, 2.69%, 1.83% on BSE. Allegations funded by Soros and Rockefeller raised stock manipulation claims, leading to around $150 billion value drop. Adani Group denied allegations from the Hindenburg Report, terming them recycled.

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