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The stocks of Adani Group companies that have faced significant selling pressure following the allegations leveled by the Organized Crime and Corruption Reporting Project (OCCRP) have started trading in green today.
While Adani Enterprises, Adani Ports, Ambuja Cements, and NDTV have begun trading in the green, Adani Total Gas Limited and Adani Wilmar Limited are still trading in the red.
The selling of Adani stocks yesterday began after the OCCRP report alleged that two men, who it claimed had ‘secretly invested’ in the conglomerate, turned out to have ‘close ties to its majority owners’, raising questions about violations of Indian law.
Following these allegations, the Adani Group has vehemently rejected the claims made by the OCCRP, characterising them as ‘recycled’.
In a statement, the Indian conglomerate stated, “We categorically reject these recycled allegations. These news reports appear to be yet another concerted effort by Soros-funded interests, supported by a section of the foreign media, to revive the meritless Hindenburg report. In fact, this was anticipated, as reported by the media last week.”
After the dismissal of OCCRP allegations, Adani stocks have resumed trading in green today.
This post was last modified on September 1, 2023 12:23 pm