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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EC reaction to Kharge's letter to INDIA bloc partners 'inappropriate and unwarranted', says Gehlot
Jaipur (PTI): The Election Commission's reaction to a letter by Congress chief Mallikarjun Kharge to INDIA bloc partners expressing concern over delays in releasing voter turnout figures for the first two poll phases was "completely inappropriate and unwarranted", former Rajasthan chief minister Ashok Gehlot said on Saturday.
The commission on Friday, in a response to Kharge's letter, called it an attempt to push a biased narrative under the guise of seeking clarifications.
In a post in Hindi on X, Gehlot said, "The language of the letter of the Election Commission, which came on the legitimate questions raised by @kharge ji, seems more like that of a political party than a constitutional institution. Instead of working with its responsibility, the Election Commission is seen standing with one party in these elections and that is creating doubts in the minds of the common people."
He added that such a reaction is not good for the Election Commission's image.
"It is surprising that the Election Commission is reacting to the internal discussions between parties but is not even taking cognisance of the complaints raised by the opposition parties to the Election Commission. In Rajasthan, the Congress filed more than 20 complaints but it did not even issue notices on them," Gehlot added.
Kharge on Saturday said it is surprising that the poll authority chose to respond to a letter he wrote to INDIA bloc leaders but ignored several other complaints he raised directly to it.
In a letter addressed to the chief election commissioner and other election commissioners, he said the poll panel is showing no urgency in dealing with "blatantly communal and casteist" statements being made by leaders of the ruling party.
Kharge, in his response, said it was an open letter clearly addressed to the Congress' partners and not the commission.
"It is surprising that the Election Commission of India wanted to respond to this letter while ignoring several other complaints given directly to it. I have certain misgivings about the language of the letter but I will not press on that issue as I understand the pressures they are working under," Kharge said in his letter to the poll authority on Saturday.
He said the poll authority's letter, on one hand, says the commission respects citizens' right to ask questions and, on the other, "threatens citizens in the form of an advise to exercise caution".
