Shares of Adani Group companies fell by up to 5% following allegations that the group’s partners used opaque funds through Mauritius to invest in its own stocks. The Adani Group rejected the claims, calling them ‘recycled’ and an effort to lower stock prices.
According to the Organised Crime and Corruption Reporting Project (OCCRP), millions were invested in Adani Group stocks through unclear Mauritius funds, concealing involvement of alleged partners. The non-profit also found instances of Adani stock trading through offshore structures using documents from tax havens and internal Adani Group emails.
All Adani Group stocks dropped after the report, causing a market cap decrease of over ₹35,500 crore. Companies like Adani Energy Solutions, Adani Power, and Adani Green Energy saw 2-5% declines.
The Adani Group strongly denied the allegations, deeming them recycled and meant to drive down stock prices. They asserted that the news reports are an attempt by Soros-funded interests and foreign media to revive baseless claims. The group also noted ongoing investigations into short sellers by regulatory authorities.
The group clarified that past cases from a decade ago were resolved in their favor, with no over-valuation or wrongdoing. The timing of the news reports was criticized as suspicious and malicious.
This follows prior accusations by Hindenburg Research in January, which accused Adani Group of improper business dealings involving offshore entities.
