Adani Group Stocks Live Today: Adani Group stocks in focus as it rejects Hindenburg’s Swiss allegations 

Adani Group denied what it called “baseless allegations” that the Indian conglomerate was the unnamed firm that benefited from the alleged scheme. 

“The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority,” the company said in an emailed statement.

The Geneva Prosecutor’s Office, which first opened the investigation in 2021 and the Swiss Federal Prosecutor’s Office that took over the case in mid-2023, both declined to comment.

Bloomberg report

Hindenburg Research is taking another swing at Adani Group with claims that Swiss prosecutors have been investigating the Indian conglomerate for money laundering.

Bloomberg

Adani Group stocks outlook on the NSE at 1.08 pm: 

• ACC (+1.18%)
• NDTV (+0.70%)
• Ambuja Cements (+0.44%)
• AWL (+0.26%)

Trading in red

• Adani Total Gas (-0.41%)
• Adani Enterprises (-0.60%)
• Adani Green Energy (-0.96%)
• Adani Ports & SEZ (-1.27%)
• Adani Power (-2.10%)

Adani Group stocks outlook on the NSE as at 12 noon:

• ACC (+1.62%) trades at ₹2,507.40
• NDTV (+0.92%) at ₹194.10
• Ambuja Cements (+0.68%) at ₹632.40
• AWL (+0.26%) ₹363

Shares in negative territory

• Adani Total Gas (-0.38%) ₹802.70
• Adani Enterprises (-0.68%) ₹2,970.70
• Adani Green Energy (-0.84%) ₹1,796.70
• Adani Ports & SEZ (-1.34%) ₹1,452.85
• Adani Power (-2.03%) ₹637.90

Adani Ports & SEZ share price declined 1.35% to trade among top five losers on the Nifty 50 pack as at 12 noon.

Adani Enterprises’ share price slipped 0.90% to ₹2,964 as at 11.45 am.

US based short seller Hindenburg Research claimed that Swiss authorities have frozen more than USD 310 million in funds across multiple Swiss bank accounts as part of money laundering allegations into Adani Group, a charge the conglomerate vehemently denied.

In a post on X, Hindenburg cited “newly released Swiss criminal records reported by Swiss media outlet” to state that “Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021.” “Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks,” it said citing the report.

Adani group rejected the allegations as baseless saying it had no involvement in any Swiss court proceedings.

“We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority,” it said.

It went on to state that “even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws.” The allegations, it said, “are clearly preposterous, irrational, and absurd. We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group’s reputation and market value.” “The Adani Group remains steadfastly committed to transparency and compliance with all legal and regulatory requirements,” it added.

PTI

The Adani Group has vehemently denied allegations that Swiss authorities have frozen over $310 million in funds across multiple Swiss bank accounts as part of a money laundering investigation. In a media statement released on September 12, 2024, an Adani Group spokesperson categorically rejected claims of any involvement in Swiss court proceedings or account sequestration.

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Adani Power shares traded at ₹641 on the NSE, down by 1.55% as at 10.35 am.

ACC (+1.16%)

NDTV (+1.13%)

Ambuja Cements (+0.57%)

AWL (+0.90%)

Adani Total Gas (-0.10%)

Adani Green Energy (-0.42%)

Adani Enterprises (-0.45%)

Adani Ports & SEZ (-0.79%)

Adani Power (-1.60%)

https://twitter.com/HindenburgRes/status/1834265857515499620

Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of money laundering allegations into Adani Group, US-based short seller Hindenburg Research claimed citing a media report - a charge that the conglomerate vehemently denied.

Read more