Despite Adani Group's denials, allegations from the Organised Crime and Corruption Reporting Project (OCCRP) have emerged.
– Allegations led to a sell-off in Adani Group's stocks during early morning trading.
ALLIGATIONS BY OCCRP
ALLIGATIONS BY OCCRP
– Allegations include over-invoicing, fund transfers, and investments via Foreign Portfolio Investors (FPIs).
NEW CHALLENGE FOR ADANI GROUP
NEW CHALLENGE FOR ADANI GROUP
– Adani Power shares down over 3%.
– Adani Transmission's share price dropped 3.3%.
– Adani Enterprises saw a 2.50% decline.
– Adani Green Energy and Adani Total Gas faced losses of 2.25%.
STOCKS IN RED
STOCKS IN RED
Adani Group calls OCCRP's report an attempt to discredit and drive down stock prices.
Adani Group Counters Claims
The drop has led to the erosion of about Rs 52,000 crore in market capitalisation of Adani Group – the highest in four months.
BIGGEST DROP IN 4 MONTHS
In January, Hindenburg Research alleged that billionaire Gautam Adani’s conglomerate was pulling off the “largest con in corporate history”.