Adani Group stocks fall; Adani Green Energy declines over 4 pc
New Delhi (PTI): Shares of Adani group stocks fell on Thursday after a report from investigative reporting platform OCCRP alleged hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based 'opaque' investment funds managed by partners of promoter family of billionaire Gautam Adani.
However, the conglomerate denied the charges vehemently.
On the BSE, the stock of Adani Green Energy nosedived 4.43 per cent to Rs 927.65 apiece, with a market capitalisation of Rs 1.47 lakh crore.
The scrip of Adani Power plunged 3.82 per cent to Rs 315.85, flagship firm Adani Enterprises declined 3.56 per cent to Rs 2,424 and Adani Energy Solutions fell 3.18 per cent to Rs 814.95 apiece on the bourse.
Also, Adani Ports and Special Economic Zone (APSEZ) slipped 2.75 per cent to Rs 796.50, Adani Total Gas dipped 2.74 per cent to Rs 634.60, NDTV fell 2.69 per cent to Rs 213.30 and Adani Wilmar declined 1.83 per cent to Rs 362.20 per piece on the BSE.
Shares of ACC dipped 3.15 per cent to Rs 1,937.10 and Ambuja Cements fell 2.84 per cent to Rs 431.60.
In the morning session, the 30-shares BSE Sensex was trading 38.32 points or 0.06 per cent lower at 65,048.93 points.
The fresh allegations by an organisation funded by likes of George Soros and Rockefeller Brothers Fund come months after a US short seller wiped away close to USD 150 billion in value of Adani group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate run by billionaire Gautam Adani. Adani Group has denied all Hindenburg allegations.
Citing review of files from multiple tax havens and internal Adani Group emails, OCCRP (Organised Crime and Corruption Reporting Project) said its investigation found at least two cases where the "mysterious" investors bought and sold Adani stock through such offshore structures.
The two men, Nasser Ali Shaban Ahli and Chang Chung-Ling, who OCCRP claimed have longtime business ties to the Adani family and have also served as directors and shareholders in Group companies and firms associated with Gautam Adani's elder brother Vinod Adani, "spent years buying and selling Adani stock through offshore structures that obscured their involvement - and made considerable profits in the process."
The documents "show that the management company in charge of their investments paid a Vinod Adani company to advice them in their investment", it alleged.
Adani in a statement categorically rejected what it called as "recycled allegations", calling them "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 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," it said.
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Israeli strikes on Gaza kill 24, mostly women, children
Deir al-Balah, Apr 6 (AP): Israeli strikes on the Gaza Strip killed at least 24 people, including over a dozen women and children, local health officials said Sunday, as Israeli Prime Minister Benjamin Netanyahu headed to the United States to meet with President Donald Trump about the war.
Israel last month ended its ceasefire with Hamas and renewed its air and ground offensive, carrying out waves of strikes and seizing territory to pressure the fighter group to accept a new deal for a truce and release of remaining hostages.
It has also blocked the import of food, fuel and humanitarian aid for over a month to the coastal territory heavily reliant on outside assistance.
“Stocks are getting low and the situation is becoming desperate,” the United Nations agency for Palestinian refugees said on social media.
The latest Israeli strikes overnight into Sunday hit a tent and a house in the southern city of Khan Younis, killing five men, five women and five children, according to Nasser Hospital, which received the bodies.
A female journalist was among those killed. “My daughter is innocent. She had no involvement, she loved journalism and adored it,” said her mother, Amal Kaskeen.
The body of one child, 1 1/2-year old, took up just one end of an emergency stretcher.
“Trump wants to end the Gaza issue. He is in a hurry, and that is clear from this morning,” asserted Mohammad Abdel-Hadi, cousin of a woman killed.
Israeli shelling killed at least four people in the Jabaliya refugee camp in northern Gaza, according to Gaza's Health Ministry. And the bodies of five people, including a child and three women, arrived at Al-Aqsa Martyrs Hospital in Deir al-Balah in central Gaza, according to an Associated Press journalist there.
Dozens of Palestinians took to the streets in Jabaliya for a new round of anti-war protests. Footage circulating on social media showed people marching and chanting against Hamas. Such protests, while rare, have occurred in recent weeks.
There is also anger inside Israel over the war's resumption and its effects on remaining hostages in Gaza. Families of hostages along with some of those recently freed from Gaza and their supporters on Saturday urged Trump to help ensure the fighting ends.
Netanyahu on Monday will meet with Trump for the second time since Trump began his latest term in January. The prime minister said they would discuss the war and the new 17 per cent tariff imposed on Israel, part of a sweeping global decision by the new US administration.
“There is a very large queue of leaders who want to do this with respect to their economies. I think it reflects the special personal connection and the special connection between the United States and Israel, which is so vital at this time,” Netanyahu said while wrapping up a visit to Hungary.
The US, a mediator in ceasefire efforts along with Egypt and Qatar, expressed support for Israel's resumption of the war last month.
The toll of war
Hundreds of Palestinians since then have been killed, among them 15 medics whose bodies were recovered only a week later. Israel's military this weekend backtracked on its account of what happened in the incident, captured in part on video, that caused anger by Red Cross and Red Crescent and UN officials.
The war began when Hamas-led group attacked Israel on October 7, 2023, killing some 1,200 people and taking 251 hostage. Fifty-nine hostages are still held in Gaza — 24 believed to be alive — after most of the rest were released in ceasefires or other deals.
Israel's offensive has killed at least 50,695 Palestinians, according to Gaza's Health Ministry, which does not say how many were civilians or combatants but says more than half were women and children. It says another 115,338 people have been wounded. Israel says it has killed around 20,000 members of the group, without providing evidence.
