Adani shares cracked between 1 per cent and 4 per cent on Thursday after a new report from the Soros-backed Organised Crime and Corruption Reporting Project (OCCRP), shared with The Guardian and Financial Times, revived allegations against the Adani Group on using complex offshore operations in Mauritius, to prop up Adani Group stocks from 2013 to 2018.

Flagship Adani Enterprises ended 3.5 per cent lower at ₹2,425 apiece on the NSE. The stock has shed 2.3 per cent in the past month, but is up 55 per cent in the past six months. Adani Ports and Special Economic Zone slid 3.2 per cent to end at ₹7,92.7. The stock has climbed 32 per cent in the past six months.

Adani Power slid 1.9 per cent to ₹322, while Adani Wilmar was down 2.7 per cent to ₹359.

Adani Total Gas and Adani Green Energy were down 2.2 per cent and 3.7 per cent, respectively. Ambuja Cements was down 3.7 per cent, while NDTV shares slipped 1.9 per cent.

ACC was the only Adani Group company that bucked the trend and rose 0.7 per cent to ₹2,015 apiece after slipping in early trade.

Negative impact

“The price movement was the result of a report which alleged that hidden Mauritius funds were used for investments in Adani Group’s public traded shares. The group’s shares have largely stabilised in the past few months after a large investor reposed faith in the group. Any fresh allegations against the group, however, may have a negative effect in the near term,” said an analyst.

OCCRP said it found at least two cases where family associates bought and sold Adani stock through offshore structures over several years.

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