Adani Defence Under Scanner Over Alleged Tax Evasion on Missile Parts Imports: Report

Adani Enterprises' defence unit, Adani Defence Systems and Technologies, is facing scrutiny over alleged evasion of import taxes on components used to make missiles, reported Reuters on Tuesday, citing sources.

Adani Defence Systems and Technologies manufactures defence equipment like missiles, drones and small arms, mostly for Indian security forces. The Indian Directorate of Revenue Intelligence started a probe in March over the alleged evasion of tariffs of 770 million rupees, worth $9 million in importing some missile components. As per Reuters' report, the directorate is probing tariff evasions where Adani Defence wrongly claimed that they were exempt from customs duties and tax.

There has been no official confirmation or statement from either Adani Enterprises or the Directorate of Revenue Intelligence so far. Therefore, GoodReturns could not independently verify the authenticity of the development, and the response to queries sent to Adani Enterprises is still awaited.

The Directorate of Revenue Intelligence had "sought clarifications" on the company's imports, clarified Adani Group in a statement, reported Reuters. The clarification has been sought based on the interpretation of the customs rules and the "clarifications have been provided with supporting documents." "The issue stands closed from our end," Reuters quoted an Adani spokesperson.

Adani Enterprises Share Price Trend

Adani Enterprises shares closed 1.16% lower at Rs 2,542 per share on BSE with a market capitalisation of Rs 2,93,490.85 crore. The stock had touched an intraday high mark of Rs 2616.80 per share and an intraday low mark of Rs 2534.25 per share. Adani Enterprises stock had touched a 52-week high mark of Rs 3,208.85 apiece on 10 October 2024. The stock dipped to its 52-week low mark of Rs 2,026.90 apiece on 3 March, 2025.

The recent report linked to Adani Enterprises' defence unit has come a day after the company's board of directors will meet for fundraising on Wednesday, October 8. The board will consider and approve "the proposal of fund raising."

The board will consider fundraising by way of issuance of debt securities through permissible modes, including but not limited to a private placement or Public Issue or a qualified institutions placement, preferential issue, or any other method or combination of methods.

Adani Enterprises and other stocks of the Adani Group witnessed a sharp sell-off after a US-based short-seller Hindenburg Research accused the group of stock manipulation in 2023. However, the conglomerate received clean chit from the Securities and Exchange Board of India (SEBI) over the allegations.