 "Adani, Adani Group")
Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Enterprises, Adani Total Gas, Adani Ports, Ambuja Cements, Adani Wilmar and ACC were down between 2-5 per cent in intra-day trade today. In comparison, the S&P BSE Sensex was up 0.06 per cent at 65,129 at 10:13 am.
The Organised Crime and Corruption Reporting Project (OCCRP) in an article on Thursday, said that millions of dollars were invested in some publicly traded stocks of India's Adani Group via "opaque" Mauritius funds that "obscured" involvement of alleged business partners of the Adani family.
Citing review of files from multiple tax havens and internal Adani Group emails, nonprofit media organization OCCRP said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures, Reuters reported. CLICK HERE FOR FULL REPORT
Adani Group categorically rejected these allegations, calling the reports as attempts at generating profits by driving down the group's stock prices.
"These short sellers are under investigation by various authorities. As the Supreme Court and Securities and Exchange Board of India (SEBI) are overseeing these matters, it is vital to respect the ongoing regulatory process," it said.
The OCCRP article comes after US based short-seller Hindenburg Research in January accused Adani Group of improper business dealings, including the use of offshore entities in tax havens such as Mauritius from where it said certain offshore funds "surreptitiously" owned stock in Adani's listed firms.
Following the report, the Adani group stocks had lost as much as $150 billion in market value, though in last few months, the shares have seen some recovery as the group repaid some debt.
Meanwhile, the Supreme Court's hearing for the Adani-Hindenburg case with respect to the SEBI report on its inquiry into the Hindenburg allegations has reportedly been rescheduled. It was earlier reported to be heard on August 29.
SEBI, which reportedly submitted its report on Aug 25, is believed to have found violation related to disclosure norms (by listed entities) by Adani group and limits on the holdings of offshore funds, as per Reuters.
Following the report, the Adani group stocks had lost as much as $150 billion in market value, though in last few months, the shares have seen some recovery as the group repaid some debt.
Meanwhile, the Supreme Court's hearing for the Adani-Hindenburg case with respect to the SEBI report on its inquiry into the Hindenburg allegations has reportedly been rescheduled. It was earlier reported to be heard on August 29.
SEBI, which reportedly submitted its report on Aug 25, is believed to have found violation related to disclosure norms (by listed entities) by Adani group and limits on the holdings of offshore funds, as per Reuters.
According to another report from the Indian Express, the Enforcement Directorate (ED) has discovered that short selling of Adani stocks had resulted in profits for 12 firms.
