Adani group shares tank over 4% as OCCRP report alleges family bought shares via opaque Mauritius funds

Adani group shares tank over 4% as OCCRP report alleges family bought shares via opaque Mauritius funds

Shares of Adani group companies tanked up to 4% in trade on reports form OCCRP, an investigative reporting platform that suggested hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based ‘opaque’ investment funds managed by partners of promoter family of billionaire Gautam Adani. However, the already embattled Adani group denied all such charges.Adani group share price

On the BSE, Adani Green Energy’s stock plummeted 4.43% to Rs 927.65 each, with a market capitalisation of Rs 1.47 lakh crore. The Adani Power scrip tumbled 3.82% to Rs 315.85, while flagship company Adani Enterprises dropped 3.56% to Rs 2,424.

The report indicated that, in two instances with Adani stock holdings once amounting to $430 million, the investors were closely connected to the Adani family. “Both Nasser Ali Shaban Ahli and Chang Chung-Ling maintain extensive business affiliations with the family, having acted as directors and stakeholders in Adani Group entities and firms linked to a senior family member, Vinod Adani,” stated the firm.

Adani group reaction

Adani in a statement categorically rejected what it called as “recycled allegations”, calling them “yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report”.

“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. The matter attained finality in March 2023 when the 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,” said the group.

(With agency inputs.)