Adani Enterprises, Adani Ports, Adani Power: Adani Group stocks fall up to 3% after OCCRP report

Shares of all Adani Group stocks were trading southwards during the early trading session on Friday amid negative newsflow around the Gautam Adani-led conglomerate. Some media reports cited Pandora probe wherein Adani linked shell firms invested in the group.

According to a report from Indian Express, two offshore shell companies registered in British Virgin Islands (BVI), named by Financial Times as vehicles that invested in Adani stocks, are linked to the Adani Group, according to records of offshore corporate service provider Trident Trust accessed by the Indian daily as part of the Pandora Papers investigation with the International Consortium of Investigative Journalists.

According to Financial Times, based on documents accessed by Organised Crime and Corruption Reporting Network (OCCRN), a global journalists’ network, the two individuals- United Arab Emirates national Nasser Ali Shaban Ahli and Taiwan's Chang Chung-Ling- behind these firms were associates of Adani Group chairperson Gautam Adani’s brother Vinod Adani.

Shares of Adani Enterprises, the flagship company of Adani Group cracked about 2 per cent to Rs 2,378.7 on Friday as its total market capitalization slipped below 2.75 lakh crore mark. Adani Ports and Special Economic Zone also dropped about 2 per cent to Rs 779.30 as its total valuations fell below Rs 1.70 lakh crore.

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Adani Power and Adani Wilmar dropped 3 per cent each to Rs 312.50 and Rs 347.80, respectively. Adani Energy Solutions, Adani Total Gas and Adani Green Energy were down 2 per cent each during the early session. However, all stocks made partial-to-full- recovery as the session progressed.

Acquired cement entities, including Ambuja Cement and ACC, were trading marginally lower, but the other acquired broadcasting arm, New Delhi Television (NDTV) declined more than a per cent on Friday.

According to a report from OCCRP, Ahli is one of two 'suspected' entities who have been identified as large investors in Adani group stocks through investment funds housed in Bermuda and Mauritius. Taiwanese businessman Chang Chung-Ling's name also appeared in the Hindenburg report and both have acted as fronts while funnelling money into Adani stocks, the report added.

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