Adani Shares In Focus After Reports Suggest Resumption Of Probe Into Adani Group For Alleged Coal Import

The share price of Adani stocks remained in the spotlight on Friday after there were reports that the government is planning to restart an investigation into Adani Group for alleged coal import overvaluation. Adani shares traded mixed today. The share price of Adani Enterprises was up 0.36% at Rs 2213.00 per share at 11:35 am IST.

The share price of Adani Power was up 0.26% at Rs 390.30 per share, while Adani Green Energy was down 0.36% at 937.95 per share at the time of writing this article. Adani Energy Solutions shares traded 0.81% lower at 741.50 points at 12:15 pm IST.

The share price of Adani Group stocks grabbed attention today after Reuters reported that Indian investigators are seeking to restart an investigation into Adani Group for alleged overvaluation of coal imports and have asked the Supreme Court to permit them to collect evidence from Singapore.

According to the report, the Directorate of Revenue Intelligence since 2016 has been trying to procure transaction documents related to Adani's dealings from Singapore authorities.

The Gautam Adani-led Indian conglomerate has successfully mounted repeated legal challenges in India and Singapore to block the documents' release, court documents reveal.

The agency believes a large portion of the group's coal imports from Indonesian suppliers were initially billed to its Singaporean subsidiary, Adani Global Pte, at a higher price on paper, and subsequently to its Indian arms.
The group has denied wrongdoing, stating that Indian authorities examined its coal shipments before releasing them from ports.

In an October 9 legal filing, which Reuters is reporting for the first time, the agency asked India's apex court to dismiss an earlier lower court order that permitted Adani to block authorities from collecting evidence from Singapore.

The Singapore court in late 2020, after Adani's request, said the documents should not be released for now because India's top court had not reached a final decision, according to two people familiar with the matter and a Reuters review of legal orders.

The next hearing is scheduled for February 6.