Hindenburg 2.0? Adani Power to Adani Enterprises — Adani shares fall despite denial by Adani group of fresh allegations

Stock market today: Despite denials by Adani group of fresh allegations labelled by Organised Crime and Corruption Reporting Project (OCCRP), Adani group shares witnessed sell off pressure during early morning deals. All Adani group stocks slipped into the red zone within few minutes of stock market's opening bell today.

Adani Power shares lost over 3 per cent during morning deals whereas Adani Transmission share price tumbled to the tune of 3.3 per cent in early morning session. Adani Enterprises share price lost to the tune of 2.50 per cent while Adani Green Energy and Adani Total Gas lost to the tune of 2.25 per cent during Thursday deals.

Adani news today

In a fresh set of allegations OCCRP has labelled charges against Adani group for using ‘opaque investments’ through Mauritius. The non-profit media organisation has reported that they have found two cases in which investors bought and sold Adani stock through such offshore structures.

See OCCRP tweet below:

Adani group denies these allegations

However, Adani group denied this OCCRP report and issued a press statement just ahead of India's stock market's opening bell citing 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.

“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 Hon'ble 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,” Adani group said.

Adani group went on to add that such attempts are aimed at, inter alia, generating profits by driving down our stock prices and these short sellers are under investigation by various authorities. As the Hon’ble Supreme Court and SEBI are overseeing these matters, it is vital to respect the ongoing regulatory process, statement added.

‘We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards. In light of these facts, the timing of these news reports is suspicious, mischievous and malicious - and we reject these reports in their entirety," Adani group’s counter statement concluded.