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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Kerala polls: Vijayan, Revanth Reddy trade barbs as campaigning ends
Kannur (Kerala)/Hyderabad (PTI): A war of words between Kerala Chief Minister Pinarayi Vijayan and his Telangana counterpart Revanth Reddy turned acrimonious on Tuesday, the final day of campaigning for the April 9 Assembly polls.
The two leaders sparred on the virtual world as well, exchanging letters on their respective social media handles.
The escalation came after Vijayan, responding to Reddy's earlier remarks, used Malayalam expressions considered nearly derogatory, signalling strong disapproval of the Telangana CM's comments.
Reddy, campaigning for the UDF in Kollam district, hit back swiftly, likening Vijayan to PM Narendra Modi.
He said he would take any personal remarks from the senior leader as a "blessing" considering his age, but objected to what he described as insults directed at the people of Kerala. "But you cannot abuse our Kerala people," he said, hours before campaigning drew to a close.
The controversy began after Reddy had said "nee po mone Vijaya" by invoking a famous dialogue from superstar Mohanlal's blockbuster movie "Narasimham" while referring to Vijayan on April 1 during a UDF campaign roadshow in Nemom constituency.
Earlier in the day, while reacting to Reddy's earlier remarks, Vijayan said a CM must maintain basic standards of conduct and questioned whether such dignity was being followed.
In his response to a query, Vijayan used Malayalam words that were seen as nearly derogatory for Reddy, signalling his strong disapproval of the remarks made against him.
Sharply reacting to the CM's objectionable remarks, Congress leader V D Satheesan said Vijayan appeared to have "completely lost composure" and warned that any further deterioration in his conduct would have brought "greater embarrassment" to the state.
After the critical remarks during the press meet, Vijayan wrote on his 'X' handle that political differences are natural, but expressing strong disagreement through personally insulting remarks is an attitude that he rejects. Reddy's statements lacked factual backing.
In a detailed letter attached with the 'X' post addressing the Telangana CM, Vijayan said the experience of the people of Kerala was "vastly different" from what Reddy had portrayed.
He clarified that he did not intend to engage in a debate over the performance of the Telangana government, stating that it was for the people of Telangana and political parties there to assess their government.
Referring to Reddy's comments, Vijayan said the LDF government has been consistently publishing progress reports over the past 10 years on the implementation of its election promises, underlining its commitment to continuous accountability.
He also rejected the allegation of "selective appropriation" of Kerala's achievements, including its top ranking in the NITI Aayog SDG Index, and said such criticism was misplaced.
Dismissing claims of industrial stagnation, Vijayan said Kerala has made significant strides in the startup ecosystem and ease of doing business, adding that these achievements have been widely acknowledged.
He also alleged that key infrastructure projects in Kerala, including the Kochi Metro and Vizhinjam Port, faced delays under previous Congress-led governments at the Centre, while long-pending promises such as a railway coach factory remained unfulfilled.
Vijayan further accused the BJP-led Union government of discrimination against Kerala and said the state has been actively resisting what he described as "anti-federal and undemocratic" policies through legal and political means, including approaching the Supreme Court.
He also rejected Reddy's criticism that the LDF was not vocal enough against the BJP, asserting that Kerala has been at the forefront of defending constitutional values.
Concluding his letter, Vijayan reiterated the state government's commitment to building a "Nava Keralam" and moving forward as a model for others.
On April 1, while addressing party workers in Nemom, Reddy used the popular Malayalam film dialogue "Nee po mone Vijaya". He adapted it to target Vijayan, saying "Nee po mone Vijaya".
Reddy went further, claiming that Vijayan's "time is over" and that his "expiry date has passed".
Responding to these allegations, Vijayan had said that the Telangana CM was "misinformed" and accused him of "ridiculing" Kerala and its people while trying to hide the weaknesses of his own state.
In a later response, Reddy defended his remarks and said that many of the statistics cited by Vijayan were taken from the NITI Aayog SDG Index 2023 24, arguing that the data was already outdated.
Reddy in his letter questioned the veteran Marxist leader's claim that Kerala would become the first state to completely eradicate extreme poverty by late 2025 had been achieved. Further, he chooses to conduct himself respectfully and gracefully in his criticism of the Kerala government's performance, whereas Vijayan opted to use language of poor taste.
Reddy, in his letter on X, said that while he respects NITI Aayog's corruption rankings, he wants to know why the infamous gold smuggling case, linked to individuals connected to the CMO, remains unresolved, and why 4.5 kg of gold allegedly misappropriated from the Sabarimala Ayyappa Temple has not been accounted for.
