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PremiumAdani News LIVE: Adani group stocks, including Adani Enterprises, Adani Ports & SEZ, Adani Wilmar, among others traded up to 1-3% lower on Friday after fresh sets of allegations of ‘stock manipulation’ against the billionaire Gautam Adani-led Group by OCCRP caused chaos in the Indian stock market. In is latest report, the Organised Crime and Corruption Reporting Project (OCCRP) claimed that Gautam Adani's family invested millions of dollars in its own companies via “opaque" Mauritius funds.
The company responded on the fresh claims by OCCRP and regarded them as “another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report." Stay tuned to Adani News Live Blog for the latest updates.
The special session of Parliament is to downplay Hindenburg 2.0 news on Adani Group, said AAP Minister Saurabh Bharadwaj.
“This is only the nervousness of the Central government and the BJP. This news of special Parliament session is given in newspapers and TV in haste to create a new narrative. Yesterday, Hindenburg 2.0 news on Adani industries came out, this (special session of Parliament) is to downplay that," Bharadwaj told news agency ANI.
Adani group shares continue to make news on second straight session as company shares remained under sell off pressure for second straight session. Adani Power shares opened lower and went on to make intraday low of ₹312.25 apiece on NSE, logging over one per cent dip against its Thursday price.
Similarly, Adani Enterprises shares are also swinging in gain and loss while Adani Green Energy, Adani Ports, Adani Total Gas, Adani Transmission, Adani Wilmar, etc. too slipped into the red zone. However, after trading in red zone, some Adani group shares started recovering from its intraday lows. Read full report here
Vedanta ran a ‘covert’ lobbying campaign to weaken key environmental regulations during the COVID-19 pandemic, said the Organised Crime and Corruption Reporting Project (OCCRP) in an article on Thursday.
As per the OCCRP article, Vedanta Group Chairman Anil Agarwal, in January 2021, told former environment minister Prakash Javadekar that the government could add “impetus" to India’s rapid economic recovery by allowing mining companies to boost production by up to 50% without having to secure new environmental clearances. Read here
Adani group stocks opened around 0.5% to 2% lower on Friday. Adani Enterprises was down 0.5%, Adani Ports & SEZ declined 0.75%, Adani Power fell 2.2%, Adani Energy Solutions down 1.2%, Adani Total Gas down 1.32%, Adani Green Energy down 2.1% and Adani Wilmar was down 3%.
Adani group used offshore funding to invest in its own stocks, claimed OCCRP in its latest report. In a major development, the offshore shell companies mentioned by the Financial Times report as tool for secret investment in Adani stocks are indeed linked to the Indian conglomerate, reported Indian Express citing inputs from the records accessed under its Pandora Papers investigation.
In its report, Financial Times mentioned two offshore shell companies registered in British Virgin Islands (BVI) as the main tool to invest in Adani stocks. According to IE report, the two shell firms are linked with Adani group. Read full report here
Nine out of ten Adani stocks on Thursday closed in the red following fresh allegations made by the Organised Crime and Corruption Reporting Project (OCCRP) that the Adani Group's family associates invested millions of dollars through "opaque" Mauritius funds in its own firms.
According to exchanges data, the total market-capitalisation of all 10 stocks was almost ₹10.84 lakh crore in the previous session but fell to almost ₹10.49 lakh crore on August 31, losing about ₹35,000 crore in a single day. Out of the ₹35,000 crore, Life Insurance Corporation (LIC) lost ₹1,439.8 crore value in six Adani Group companies in just one session.
As on June 30, LIC held 9.12% in Adani Ports & Special Economic, 4.26% in Adani Enterprises, over 6% in Adani Total Gas, ACC, and Ambuja Cements, according to trendlyne data. Read full report here
Congress leader Rahul Gandhi on Thursday asked Prime Minister Narendra Modi to come clean on fresh allegations against the Adani Group and said he must order a Joint Parliamentary Committee (JPC) probe into them as India's reputation is at stake ahead of the G20 summit in the country. Launching a scathing attack on the BJP-led government at the Centre, Gandhi said at a press conference this is a "national issue" and all opposition parties are together on the matter.
It is very important that the Prime Minister of India Mr Narendra Modi clears his name and categorically explains what is going on. At the very least, A JPC should be allowed and a thorough investigation should take place. I don't understand why the PM is not forcing an investigation? Why is he quiet and people who are responsible are put behind bars? This is raising very serious questions on the PM just before G20 leaders come here...It is important that this issue is made clear before they (G20 leaders) arrive ": Congress MP Rahul Gandhi on Adani group row, in Mumbai
"Just before the leaders of G20 are coming here, they are going to be asking what is this special company that is owned by a gentleman close to the PM and why is it in an economy like India this gentleman is being given a free ride?": Congress MP Rahul Gandhi on Adani group row, in Mumbai
The current flavour is G20 and it is about India's position in the world. What is very important for a country like India is that there is a level playing field and transparency in our economic environment and businesses that operate here. Today morning, two global financial newspapers have raised a very important question. These are not any random newspapers. These newspapers affect investment in India and the perception of India in the rest of the world..."
India's markets regulator has examined the funds named by a non-profit media organisation that were allegedly involved in investing millions of dollars in some publicly traded stocks of Adani Group, sources aware of the matter said on Thursday, reported Reuters.
According to the Organised Crime and Corruption Reporting Project (OCCRP), offshore structures based in Mauritius purchased between 8% and 14% of shares in four Adani Group units - Adani Power, Adani Enterprises, Adani Ports, and Adani Energy Solutions (formerly known as Adani Transmission).
On a day when Organised Crime and Corruption Reporting, a body funded by billionaire global investor George Soros, levelled fresh allegations against the Adani Group, Congress general secretary KC Venugopal on Thursday said the questions raised by Rahul Gandhi with regard to the "unaccounted money in Adani shell companies" assume fresh relevance.
Shares of Adani Enterprises settled 3.72 per cent lower at ₹2,420 apiece on the BSE.
The report alleges the involvement of Nasser Ali Shaban Ahli and Chang Chung-Ling in stock manipulation of Adani group.
The two persons didn't respond to the OCCRP report. However, Ali told The Guardian that he didn't know anything about any secret purchases of Adani stock. He didn't even confirm whether he had bought any. He asked why journalists were not interested in his other investments. “We are a simple business," he said, before ending the interview.
Adani news: The report says that due to the close connections between Ahli and Chang and Adani group, they should be acting on behalf of Adani “promoters". If this is so, their stake in the Adani Group would mean that insiders altogether owned more than 75 per cent allowed by law.
“When the company buys its own shares above 75 percent … it’s not just illegal, but it’s share price manipulation," says Arun Agarwal, an Indian market specialist and transparency advocate, reported OCCRP.
Adani News LIVE Updates: Targetting the BJP government for saving Gautam Adani, Congress MP Jairam Ramesh said that the actual ownership of 'two of the thirteen benami shell companies that SEBI has failed to identify, despite years of “investigation", has been revealed."
He also questioned the closure of investigation against the Adani Group in 2014, which was closed in 2017.
“Why did SEBI fail to disclose to the Supreme Court that the Directorate of Revenue Intelligence(DRI) had carried out investigations against the Adani Group in 2014, that were then closed by the Modi government in 2017," he tweted on Thursday.
Adani News LIVE: Amid fresh claims made by OCCRP against Adani group, Congress has demanded the formation of a Joint Parliamentary Committee to investigate stock manipulation by Adani group, said Congress MP Jairam Ramesh.
Adani News: The OCCRP report claims that the two people linked with offshore funding, invested via a management company which used to seek advise from a Vinod Adani company on investments.
Adani NEWS LIVE: Amid fresh allegations and revelations in the Adani stock manipulation case, Congreess MP Jairam Ramesh said that Rahul Gandhi will hold a press conference at 5 pm today on the issue.
Adani News: The new documents obtained by reporters reveal two men, Nasser Ali Shaban Ahli and Chang Chung-Ling, who spent years trading hundreds of millions of dollars worth of Adani group stock. Both of them have close ties to the Adani family, including appearing as directors and shareholder in affiliated companies.
Adani News: Reacting on the OCCRP report, Hindenburg research tweeted, “Finally, the loop is closed. The Financial Times and OCCRP report that offshore funds owning at least 13% of the free float in multiple Adani stocks were secretly controlled by associates of Vinod Adani, masking the relationship with 2 sets of books."
Adani News LIVE: In response to another allegation of stock manipulation by associates, Adani group said, “We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report. In fact, this was anticipated, as was reported by the media last week." (Read full report)
Adani News LIVE Updates: Adani shares fell by over 3 per cent during morning deals on Thursday. On the other hand, Adani Transmission share price tumbled to the tune of 3.3 per cent in early morning session. Adani Enterprises share price fell by 2.50 per cent. (Read full report here)
Adani News LIVE Updates: In its latest report, OCCRP has alleged Gautam Adani's group of offshore funding. It accused the Adani family of using its associates to buy shares of its own companies via ‘opaque’ Mauritius funds.
