Stocks of the billionaire Gautam Adani-led Group were hit by a 1-3% decrease in trade on Friday as a result of fresh accusations of “stock manipulation.” These stocks included Adani Enterprises, Adani Ports & SEZ, and Adani Wilmar, among others. The Indian stock market was shaken by these accusations, which were made by the Organized Crime and Corruption Reporting Project (OCCRP).
According to OCCRP’s most recent investigation, Gautam Adani’s family used “opaque” Mauritius funds to invest millions of dollars in its own businesses. Concerns regarding corporate governance and transparency within the Adani Group have been sparked by the allegations.
In response to the OCCRP’s new allegations, The Adani Group dismissed them as “another concerted effort by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report.” The Group reaffirmed its dedication to moral corporate conduct and adherence to all pertinent laws.
This development follows earlier disputes and accusations involving the Adani Group’s corporate activities. It draws attention to the increased scrutiny that big businesses are subject to as well as the value of openness and responsibility in the financial markets. Domestic and foreign parties will closely follow the situation as the allegations develop, and regulatory agencies may carry out additional investigations to verify the validity of the allegations.