Shares of the Adani Group firms were muted on Friday after the company responded to a report by Swiss media outlet Gotham City by calling the accusations “irrational” and “absurd”.

What Happened: The report, shared by U.S. short seller Hindenburg Research on its X (formerly Twitter) account, claimed that the Geneva Public Prosecutor’s office was investigating an alleged embezzlement of the Adani Group long before the charges were posed by Hindenburg.

Swiss authorities froze over $310 million (₹2,601 crore) in various bank accounts as part of an investigation into Adani, which involves money laundering and securities forgery dating back to at least 2021.

“Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks,” Hindenburg added in its post.

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The conglomerate has come forward and denied the allegations, calling them “baseless”. The group is not involved in any Swiss court proceedings, and none of their company accounts have been seized by authorities, it said.

“These allegations are clearly preposterous, irrational, and absurd,” their statement added.

The Gautam Adani-owned firm has also not been contacted for clarification or information by any authority or regulatory body, it added. It hit back at Hindenburg calling it their attempt to inflict damage on the group's reputation and market value.

In January 2023, Hindenburg accused the Adani Group of manipulating stock prices, engaging in undisclosed related-party transactions, and violating public shareholding regulations. Since then, it has released a string of reports related to the company’s operations.

Most recently in August, the research firm accused the chairperson of the Securities and Exchange Board of India (SEBI), Madhabi Buch of holding stakes in the offshore entities implicated in the alleged Adani money siphoning scandal.

Price Action: Shares of most Adani Group firms were little moved on Friday morning.

Shares of Adani Enterprises were down 0.77% at ₹2,968.
Shares of Adani Energy Solutions were down 0.68% at ₹1,001.35.
Shares of Adani Power were down 0.79% at ₹645.95.
Shares of Adani Ports were down 0.75% at ₹1,461.60.
Shares of Adani Total Gas were down 0.15% at ₹804.60.
Shares of Adani Wilmar were up 0.15% at ₹362.60.
Shares of NDTV were up 0.53% at ₹193.35.
Shares of Adani Green Energy were down 0.55% at ₹1,802.
Shares of ACC were also up 0.56% at ₹2,481.25.
Shares of Ambuja Cement were up 0.10% at ₹628.80.

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