Winning Bizness Desk
Mumbai. It seems that the good days of Adani Group are over, because its problems are increasing one after the other. On January 23, 2023, first Hindenburg created trouble for this and now due to a new report, shares of Adani Group have crashed and the group has suffered huge losses. Now another American company OCCRP (Organized Crime and Corruption Reporting Project) has made very serious allegations against Adani Group and said that the foreign units of its partners have invested millions of dollars in the shares of Adani Group and have manipulated the share prices. Although a statement has also come from Adani Group regarding this news, but after the clarification of the group, it could not reduce the negative sentiments that started in the shares of Adani Group.
First Hindenburg and now OCCRP
First the Hindenburg Research and now the OCCRP report has caused a lot of damage to the Adani Group. If we talk about today itself, the group's market cap had suffered a loss of more than Rs 35 thousand crore during the trading session. After January 23, i.e. after the report of Hindenburg Research, Adani Group has suffered a loss of more than Rs 9 lakh crore. The OCCRP has alleged that millions of dollars have been invested in the shares of Adani Group through foreign units linked to partners of its promoter family. The allegations have been leveled against Adani Group at a time when 7 months ago American short seller company Hindenburg had accused it of group accounting fraud and share price manipulation along with improper use of foreign units. After these allegations, there was a big fall in the shares of the group.
Unidentified investors bought and sold Adani Group shares
Citing a review of multiple tax haven files and several internal Adani Group emails, OCCRP said its investigation found at least two instances where unidentified investors bought and sold Adani Group shares through such offshore entities. Is. Those countries are included in ‘Tax Haven’, where much less tax is charged as compared to other countries. OCCRP claimed that two people named Nasir Ali Shaaban Ahli and Chang Chung-Ling have long-standing business ties with the Adani family. He has also worked as a direct and shareholder in group companies associated with Gautam Adani's elder brother Vinod Adani. OCCRP alleges that these people bought and sold Adani shares through foreign units for many years and earned huge profits from it. However, his involvement is not completely clear. He alleged that the documents have revealed that the management company in charge of his investments had paid the company of Gautam Adani's elder brother Vinod Adani for advising him in his investments.
Adani Group rubbishes the claims
Adani Group clearly denied these in a statement and said that the old allegations have been restated in a different way. The group termed it a conspiracy by the foreign media and said that an attempt has been made to revive the Hindenburg Report. Adani Group said these claims are based on cases closed a decade ago when DRI had investigated allegations of over-invoicing, fund transfers abroad, related party transactions and investments through FPIs.
How much loss did Adani Group suffer?
Due to the fall in the shares of Adani Group throughout the day, there was a report of loss of more than Rs 35 thousand crore during the trading session. If we talk about the last 7 months i.e. since the Hindenburg Research report, then Adani Group has suffered huge losses. According to data, on January 23, the market cap of Adani Group was more than Rs 19 lakh crore. Which at present has come to around Rs 10 lakh crore. This means that more than Rs 9 lakh crore has been cleared from the market cap of Adani Group. If experts are to be believed, there may be a fall in the shares of Adani Group on Friday as well.