Shares of Adani Enterprises and subsidiaries drop amid new allegations

One sentence summary – Shares of Adani Enterprises and its subsidiaries have dropped following allegations published by the Organized Crime and Corruption Reporting Project (OCCRP) that large sums of money were secretly invested in Adani Group stocks through “opaque” funds based in Mauritius, with the report identifying individuals with close ties to the Adani family as the alleged investors, although Adani Group has strongly denied these allegations and the impact on the future of the conglomerate remains uncertain.

At a glance

  • Shares of Adani Enterprises and its subsidiaries have experienced a significant drop.
  • Adani Enterprises saw a 3% decline in its shares.
  • Adani Green Energy, a subsidiary of Adani Enterprises, suffered the most significant loss, with its shares falling by 3.3%.
  • Adani Ports also experienced a substantial decline, with its shares falling by 3.13%.
  • The OCCRP report alleges that large sums of money were secretly invested in Adani Group stocks.

The details

Shares of Adani Enterprises and its subsidiaries have experienced a significant drop.

This comes in the wake of new allegations published by the Organized Crime and Corruption Reporting Project (OCCRP).

Adani Enterprises saw a 3% decline in its shares.

Adani Green Energy, a subsidiary of Adani Enterprises, suffered the most significant loss, with its shares falling by 3.3%.

Adani Ports also experienced a substantial decline, with its shares falling by 3.13%.

Other units of Adani Enterprises saw their shares slip by approximately 2% to 3%.

The OCCRP report alleges that large sums of money were secretly invested in Adani Group stocks.

These investments were reportedly made through “opaque” funds based in Mauritius.

The report identifies Nasser Ali Shaban Ahli and Chang Chung-Ling as the individuals who made these alleged investments.

Both Ahli and Chung-Ling are said to have close ties to the Adani family.

At one point, the value of their investments in Adani reportedly reached $430 million.

Adani Group has strongly denied these allegations.

The group has accused the reports of being an attempt to revive the Hindenburg report.

The Open Society Foundations, which is funded by George Soros, supports the OCCRP.

However, the Open Society Foundations claim that they act independently.

This new report adds to the challenges already faced by Adani Enterprises.

The conglomerate has previously faced accusations of stock price manipulation and accounting fraud.

The allegations of secret investments are seen as a significant blow to Adani Enterprises and its reputation.

Chang Chung-Ling, one of the individuals named in the report, has denied any knowledge of secret purchases of Adani stock.

Nasser Ali Shaban Ahli, the other individual named in the report, has declined to comment on the matter.

It is important to note that these allegations have not yet been substantiated.

The impact of these allegations on the future of Adani Enterprises remains uncertain.

The conglomerate continues to operate and has not released an official statement addressing the specific allegations in the OCCRP report.

This article aims to provide a comprehensive overview of the allegations made by the OCCRP, the response from Adani Group, and the potential implications for the conglomerate.

As the situation unfolds, further investigation and clarification will be necessary to ascertain the veracity of the claims.

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cnbc.com
– Shares of Adani Enterprises and its subsidiaries fell following new allegations published by the Organized Crime and Corruption Reporting Project (OCCRP).
– Adani Enterprises fell 3%, while Adani Green Energy led losses among the group’s subsidiaries, falling 3.3%.
– Adani Ports also lost 3.13%, and other Adani units slipped roughly 2% to 3%.
The OCCRP alleged that hundreds of millions of dollars were secretly invested into Adani Group stocks via “opaque” funds based in Mauritius.
The investments were allegedly made by Nasser Ali Shaban Ahli and Chang Chung-Ling, who have close ties with the Adani family.
The report claimed that the value of both men’s investment in Adani was worth $430 million at one point.
– Adani Group categorically rejected the allegations and accused the reports of being a bid to revive the Hindenburg report.
The Open Society Foundations, funded by George Soros, supports the OCCRP but claims it acts independently.
The report is seen as a blow to the Indian conglomerate following previous accusations of stock price manipulation and accounting fraud.
– Chang Chung-Ling denied knowledge of any secret purchases of Adani stock, while Nasser Ali Shaban Ahli declined to comment.

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