Adani stocks fall up to 4%; m-cap of all 10 stocks drops over ₹35,000 crore in a day

Adani Group shares suffered significant losses on Thursday amid fresh allegations labelled by the Organised Crime and Corruption Reporting Project (OCCRP) which dragged the overall market capitalisation (mcap) of the group's all 10 stocks lower by over ₹35,000 crore in a day.

Data show that the overall mcap of all 10 stocks in the previous session was about ₹10.84 lakh crore in the previous session which dropped to nearly ₹10.49 lakh crore today, eroding about ₹35,000 crore in a single session.

Barring the shares of ACC (up 0.47 per cent) all stocks of the group ended in the red, falling up to 4 per cent. Shared of Adani Green fell 4.39 per cent, followed by those of the flagship firm Adani Enterprises (down 3.77 per cent). Shares of Ambuja Cements (down 3.53 per cent), Adani Energy Solutions (down 3.52 per cent) and Adani Ports (down 3.37) ended over 3 per cent lower each.

The latest report by OCCRP against Adani Group has alleged Gautam Adani's family investing millions of dollars in its own companies via “opaque" Mauritius funds. The report mentioned two company associates, Chang Chung-Ling and Nasser Ali Shaban Ahli, and alleged they invested heavily in Adani Group company shares since 2013.

The fresh set of allegations has been rejected by the Adani Group. The conglomerate has called the new claims a mere ‘rehash of allegations made by Hindenburg’ in January this year.

The group also called the report another “concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report."

Read more: All you need to know about OCCRP, the entity behind report claiming Adani associates of trading public shares

In January, Hindenburg Research published a report on the Adani Group accusing it of improper use of offshore tax havens and flagging concerns about high debt that sent the Group stocks to crash.

Meanwhile, the Securities and Exchange Board of India has completed its probe into Adani Group companies. As Mint reported earlier, the market regulator told the Supreme Court that the investigation spurred by the explosive Hindenburg report had been concluded and action has been recommended in some cases for passing orders.

While the SEBI filing did not outline its findings, the regulatory body said it would “take appropriate action based on the outcome of the investigations".

Read more: Adani-Hindenburg row: SEBI submits report, tells SC it has completed probe; check details

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