Adani Group stocks decline two to four per cent amidst OCCRP report

04 Sep 2023 CW Team

Investor sentiment towards Adani Group companies took a hit, with shares of most entities falling by 2-4 per cent following a report by the Organised Crime and Corruption Reporting Project (OCCRP). The OCCRP report alleged that business partners of the Adani family had made significant investments in Adani shares through "opaque" Mauritius funds, sparking concerns among investors.

Adani Green Energy saw the most substantial decline, with a 4.3 per cent drop in its shares. Adani Enterprises, Adani Transmission, and Ambuja Cements also experienced significant declines of nearly 4 per cent. However, ACC managed to buck the trend, ending the day with only marginal gains.

The OCCRP report claimed that it had reviewed internal emails and files from tax havens, identifying at least two instances in which investors utilised offshore structures to purchase and sell Adani shares. These trades were allegedly executed based on instructions from a senior member of the Adani family.

These fresh allegations by OCCRP come after a report by US-based short-seller Hindenburg in January, which accused the conglomerate of engaging in accounting malpractices, corporate governance lapses, and stock price manipulation. The Hindenburg report led to a significant sell-off in Adani Group shares.

While Adani Group stocks have partially recovered from the Hindenburg-induced sell-off, many of them are still trading below their levels prior to the release of the report on January 25. Adani Total Gas and Adani Energy Solution, for instance, are currently trading 84 per cent and 71 per cent below their January 24 closing prices, respectively. Overall, the group has lost Rs 8700 billion in market capitalisation since then.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..