STOCK IN NEWS: On Thursday, August 31, the share price of the Adani Group witnessed a decline in their value. This drop came in response to a report from OCCRP, an investigative reporting platform. The report made allegations that hundreds of millions of dollars had been invested in publicly traded group stocks through investment funds based in Mauritius. These funds were described as 'opaque' and were managed by partners connected to the billionaire Gautam Adani's promoter family.
The conglomerate swiftly and vehemently refuted these charges. However, this did not prevent the initial market reaction.
On the Bombay Stock Exchange (BSE), the stock of Adani Green Energy plummeted by 4.43%, reaching Rs. 927.65 per share. This decline impacted its market capitalisation, reducing it to Rs. 1.47 lakh crore. Similarly, Adani Power's shares plunged by 3.82% to Rs. 315.85, while the flagship firm Adani Enterprises saw a decline of 3.56% to Rs. 2,424. Adani Energy Solutions also experienced a fall of 3.18% to Rs. 814.95 per share on the bourse.
Furthermore, Adani Ports and Special Economic Zone (APSEZ) experienced a slip of 2.75% to Rs. 796.50, and Adani Total Gas faced a dip of 2.74% to Rs. 634.60. It witnessed a decrease of 2.69% in its value, settling at Rs. 213.30. Adani Wilmar saw a decline of 1.83%, with its shares reaching Rs. 362.20 on the BSE.
Among other notable stocks, ACC's shares dipped by 3.15%, amounting to Rs. 1,937.10, while Ambuja Cements experienced a fall of 2.84%, with its shares reaching Rs. 431.60.
During the morning trading session, the 30-share BSE Sensex reported a decrease of 38.32 points or 0.06%, settling at 65,048.93 points.
These fresh allegations were presented by an organization that receives funding from notable figures like George Soros and the Rockefeller Brothers Fund. It's important to note that these allegations come several months after a US-based short seller caused a significant decrease in the value of Adani group stocks. This was due to allegations of accounting fraud, manipulation of stock prices, and improper use of tax havens by the conglomerate, which is managed by billionaire Gautam Adani. The Adani Group has consistently denied all of these allegations made by Hindenburg.
Drawing from an examination of documents from various tax havens and internal emails within the Adani Group, OCCRP (Organized Crime and Corruption Reporting Project) claimed to have uncovered at least two instances where "mysterious" investors engaged in the buying and selling of Adani stocks through offshore structures.
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