After the publication of fresh claims by the Organized Crime and Corruption Reporting Project, a leading worldwide investigative journalism network, shares of Adani Enterprises and its subsidiaries decreased on Thursday (OCCRP).
With a 3.3% decline, it led the group’s subsidiaries in losses. The next came Adani Ports.
which had a 3.13% loss. Other Adani subsidiaries’ shares decreased 2% to 3% on Thursday as well.
In a report released on Thursday, the OCCRP said that “opaque” funds with Mauritius-based headquarters secretly.
Invested hundreds of millions of dollars into publicly traded Adani Group securities. The statements could not be independently verified.
According to papers cited by the OCCRP, Nasser Ali Shaban Ahli and another man made the investments.
Adani Shares Fall After OCCRP
The OCCRP, citing documents, said that two men named Nasser Ali Shaban Ahli and Chang Chung-Ling, who have strong ties to the Adani family.
Have served as directors and owners of the connected companies, were responsible for the investments. According to the article, both men’s investment in Adani was worth $430 million at one point.
In a press release issued on Thursday, The Adani Group vehemently denied these “recycled” accusations. According to the statement.
“These news stories appear to be yet another coordinated Adani Shares Fall After OCCRP attempt by Soros-fund groups supported by a segment of the international media to resuscitate the meritless Hindenburg report.”
When contacted a representative of the Open Society Foundations, a group founded by investor George Soros, they were not immediately available for comment.
After allegations of “brazen” stock price manipulation.
Accounting fraud made against billionaire Gautam Adani by short-seller company Hindenburg. In January, and the study struck the Indian conglomerate’s stock a further blow.
Chang Chung-Ling claimed he was unaware of any covert acquisitions of Adani stock. In a separate discussion with a Guardian reporter from the United Kingdom.
Nasser Ali Shaban Ahli opted not to respond. The individuals who were mention in the story could not be reach.
After allegations of corporate wrongdoing and stock price Adani Shares Fall After OCCRP manipulation made by short-seller Hindenburg Research in January.
Adani Group shares and bonds fell when potentially contentious owners of its stock were discover in a new inquiry.
In Thursday’s trade, the majority of the group’s dollar bonds. As well as nine out of the ten listed Adani stocks declined.
The poorest performers were Adani Enterprises Ltd., the Adani Shares Fall After OCCRP company’s flagship. Which fell 3.7%, and Adani Green Energy Ltd., which was down 4.3% at the closing.