In more trouble for the embattled Adani group, the Organised Crime and Corruption Reporting Project (OCCRP) dealt a heavy blow to the Indian business group on Thursday (August 31), alleging that its hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based 'opaque' investment funds, managed by partners of the promoter family. The news created a riot in Adani group shares on Thursday, after OCCRP alleged questionable practices in the Indian group’s business.

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According to reports, the group companies had secretly purchased their shares from 2013 to 2018. 

OCCRP alleges Mauritius-based opaque funds invested in Adani stocks

Even as the group denied the allegations, the news affected Adani Group shares' performance badly, which were facing heavy selling pressure.

Adani Group refuted the allegations, alleging OCCRP was trying to make profit by targeting shares of Adani Group.

The business group said that an agency investigation regarding the short sellers matter is already underway.

Yet another horrible day for Adani group stocks

All Adani Group stocks suffered losses on Thursday, with the flagship company Adani Enterprises’ shares falling as much as 5.1 per cent to Rs 2,385 apiece in intraday trade.

At 2 pm, while the Adani Enterprises stock was down 2.8 per cent at Rs 2,443.9 apiece on BSE, shares in ACC, Ambuja Cements, Adani Ports, Adani Power, Adani Energy Solutions, Adani Green Energy, Adani Total Gas, Adani Wilmar and NDTV were struggling against losses of up to four per cent.

(With inputs from agencies)