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Adani Group denies Hindenburg allegations, shares rise

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Synopsis:

Adani Group denied Hindenburg's allegations of involvement in Swiss legal issues, stating it has no connection. Shares of Adani Enterprises rose 1.47%, Adani Power by 3.57%, and Adani Ports by 2.65%.

Adani Group news today

Shares of several Adani Group companies, including Adani Enterprises Ltd, Adani Power Ltd, and Adani Green Energy Ltd, were in focus on Friday morning after the Adani Group firmly denied allegations made by Hindenburg Research. The accusations suggested that the group was involved in a money laundering and securities forgery investigation, resulting in the alleged seizure of $310 million in Swiss accounts.

Despite these claims, the Adani Group has rejected the accusations and confirmed that none of its companies is involved in any Swiss court proceedings.

ADANI GREEN ENERGY LTD

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1780.5-3.94 (-0.22 %)

Updated - 10 October 2024
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Adani Group rejects all allegations

The Adani Group has issued a clear statement rejecting all claims presented by Hindenburg Research. The group stated that the allegations, which were based on reports from a Swiss media outlet, suggested the involvement of an Adani frontman in investing in offshore funds, including those in the British Virgin Islands (BVI), Mauritius, and Bermuda, that predominantly held Adani stocks.

However, the group clarified that no Swiss authority has issued any orders that pertain to Adani companies. The conglomerate also emphasised that its overseas holdings are fully transparent, disclosed, and compliant with relevant laws. Adani Group added that it has not received any formal communication from regulatory bodies or courts regarding the alleged funds.

Adani Group share price trends higher

Following the release of Adani Group’s statement, the company’s shares saw positive movement on Thursday. Adani Enterprises Ltd closed 1.47% higher, settling at ₹2,980.90. Similarly, Adani Power Ltd witnessed a significant rise of 3.57%, reaching ₹649.60, while Adani Ports Ltd rose by 2.65% to ₹1,468.55. Adani Energy Solutions Ltd also added 0.79%, trading at ₹1,006.

This price movement suggests that investor sentiment has remained relatively stable despite the negative news, with several key stocks in the group ending the trading session on a higher note.

Impact on Adani Group share price

The allegations have once again put the Adani Group in the spotlight, raising concerns about transparency and regulatory compliance. However, the company’s rapid response and firm denial of the allegations may have helped mitigate any major impact on its stock prices. With stocks like Adani Enterprises and Adani Power performing well, it remains to be seen how long this positive trend will continue.

The Adani Group’s categorical denial of the allegations from Hindenburg Research, combined with the group’s strong market performance, reinforces its position in the stock market. As investors keep a close eye on developments, Adani Group share price remains a key area of focus amidst ongoing scrutiny.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

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