Adani Group shares fall on fresh allegation of possible offshore investment

Adani Group’s publicly traded companies slumped in value on Thursday, after a fresh report alleging that the controlling family may have secretly invested in the company’s shares.

The allegations, made by the Organized Crime and Corruption Reporting Project and shared with the Financial Times and the Guardian, say that an undisclosed and complex offshore operation in Mauritius propped up shares between 2013 and 2018. The allegations are similar to those made by the short-selling research firm Hindenburg Research, which have been denied by the company.

Adani again rebuffed the claims, saying they were “a rehash of unsubstantiated allegations levelled in the Hindenburg report.” The flagship Adani Enterprises 512599, -3.77% saw a share price decline of 4%, as other Adani companies including Adani Ports 532921, -3.37% and Adani Green Energy 541450, -4.39% also nursed losses.

The Adani group companies have lost over $100 billion since the Hindenburg allegations were first aired, according to MarketWatch calculations.

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