2-6% Drop In 1 Day: All Adani Stocks In Free Fall After OCCRP's Bombshell Report

All Adani Group-backed stocks were in deep red on Thursday, falling by 2% to 6% in single-day. The worst to take a huge blow were flagship firms Adani Enterprises, Adani Power, Adani Green Energy, and Ambuja Cements. The frenzied selling comes after George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP) released a report with fresh findings in alleged opaque investment funds in the port-to-power empire. However, the conglomerate has rejected OCCRP's report, and yet, it could not revive its listed stocks.

At the time of writing, Adani Enterprises traded at Rs 2,455 apiece, nosediving by 2.3%, while Adani Power shed 2.6% to trade at Rs 320 apiece, and Adani Green Energy dived by 3.4% to trade at Rs 938 apiece on BSE.

Other Adani stocks were also gripped under the bears with Adani Ports stock diving by 2.3% to trade at Rs 799.80 apiece, while Adani Energy Solution (Rs 826 apiece) tumbled by 1.9%, Adani Total Gas (Rs 640 apiece) plunged by 1.9%, and Adani Wilmar (Rs 363.15 apiece) fell by 1.6%.

Also, Ambuja Cements stock slipped by 2.44% to trade at Rs 433.35, and its subsidiary ACC tumbled by 2.52% to Rs 1,949.65 apiece. Meanwhile, the group's media stock NDTV also dropped by 1.7% to trade at Rs 215.50 apiece.

But so far in the day, Adani Power has witnessed the most selling and nosedived by nearly 6%, followed by Adani Green Energy and Adani Enterprises down by over 5.2% and 5.1% respectively. Also, Adani Energy Solutions shed 4.4%, Ambuja Cements dipped by 4.2%, Adani Total Gas contracted by 4%, Adani Ports dipped by 3.5%, ACC down by 3.4%, and NDTV plunged by 2.9% on the exchange.

In its report dated August 30, OCCRP said, the essence of the allegations was that some of the Adani Group's key "public" investors were in fact Adani insiders, a possible violation of Indian securities law. But none of the agencies contacted by the committee were able to identify those investors, since they were hidden behind secretive offshore structures.

According to OCCRP, these documents reveal how hundreds of millions of dollars were invested in publicly traded Adani stock through opaque investment funds based in the island nation of Mauritius.

To this, Adani in a media statement said, "We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report. This was anticipated, as was reported by the media last week."

The Gautam Adani-backed conglomerate added, "These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report. This was anticipated, as was reported by the media last week."

Further, it said, "These attempts are aimed at, inter alia, generating profits by driving down our stock prices and these short sellers are under investigation by various authorities. As the Hon'ble Supreme Court and SEBI are overseeing these matters, it is vital to respect the ongoing regulatory."

The OCCRP report comes after the Sebi's final probe report which indicated that a dozen of foreign companies were situated in tax-haven countries which was challenging for the investigation. Of the 24 investigations, Sebi said that 22 are final.

Hindenburg in a bombshell report on January 24, accused Adani Group of brazen stock manipulation and accounting fraud scheme over decades. Adani Group has denied Hindenburg's allegations as well.