Adani Group Stocks Continue Plunge Into Red As Investors Seem To Sideline Denial Of OCCRP's Accusations

Nine out of the ten listed stocks of the Adani Group started the day in the red as the Organized Crime and Corruption Reporting Project’s report reignited Hinderburg’s allegations.

What Happened: The troubled group got another jolt on Thursday when George Soros-backed OCCRP released its report unveiling scathing allegations.

The report alleged that associates close to the Adani Family pumped money into the group’s listed stocks through opaque funds based in Mauritius. The report hinted that such transactions may violate India’s law of promoter holdings, which bars promoters from holding more than 75% of a listed company’s shares.

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The Gautam Adani-led conglomerate has however denied all allegations calling the report “recycled”. It is “another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report,” the group said in a statement on Thursday.

The fresh report has added to the troubles of the oil-to-airports giant. The country’s opposition has reignited its demand for a Joint Parliamentary Committee investigation into the group. Nine out of the 10 listed group stocks ended the day in red on Thursday.

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Price Action: This is how the Adani Group shares traded as the markets opened on Friday.

Adani Enterprises shares traded 0.97% lower at ₹2,395.85.

Adani Green Energy was down 0.69% to trade at ₹922.20.

Adani Ports & SEZ was up 1.27% to trade at ₹782.10.

Adani Power shares traded 1.88% lower at ₹315.25.

Adani Total Gas shares traded 1.52% lower at ₹626.15.

Adani Wilmar shares were down 1.42% to ₹354.40.

Adani Energy Solutions shares were down 1.23% to ₹801.95.

Ambuja Cement shares traded 0.012% lower at ₹428.35 ACC shares traded 0.54% higher at ₹2016.50.

NDTV was down 0.91% to trade at ₹212.35.

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Posted In: EquitiesMarketsMoversTrading IdeasAdani GroupOCCRP