Adani Power, Adani Enterprises, Adani Green shares: Adani stocks recover post OCCRP report, eyes on Sept 15

Adani group stocks on Tuesday continued to recover for the third straight session after  the recent OCCRP report that claimed millions of dollars were invested in some publicly traded stocks of the group via opaque Mauritius funds that obscured involvement of alleged business partners of the Adani family. The Adani group had rejected the "recycled allegations" and said the report was another concerted bid by Soros-funded interests to revive the 'meritless' Hindenburg report.

Data showed the group m-cap climbed to Rs 10,73,294 crore on Tuesday morning after falling to Rs 10,48,956 crore on August 31 due to OCCRP allegations. The Adani group m-cap, however, is far from recent high of Rs 11.47 lakh crore on August 22. The markets regulator Sebi recently submitted its status report on Hindenburg allegations on August 25 but the SC hearing on the matter got postponed. Fresh media reports suggested  September 15 as the next hearing date. 

Sebi recently said it has examined 24 matters in compliance with orders of the top court and that it would take appropriate action based on the outcome of the investigations in the Adani-Hindenburg matter. “Out of the said 24 investigations, 22 are final in nature and 2 are interim in nature,” it suggested.

On Tuesday, shares of group flagship Adani Enterprises were trading 0.52 per cent higher at Rs 2,484 on BSE. Adani Power advanced 1.45 per cent to Rs 346.40. Adani Ports also added 0.55 per cent to Rs 804.90. Adani Wilmar, Adani Total Gas, Adani Green Energy, Ambuja Cements and Adani Energy Solutions were flattish. ACC rose 1 per cent while ACC edged 0.3 per cent higher.

In the case of OCCRP claims, the Adani group last week said they were based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs. “An independent adjudicating authority and an appellate tribunal had both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law," Adani group said in response.

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