The Adani Group is once again in the limelight as the stock market experiences its ups and downs. As investors were beginning to relax, Hindenburg Research unleashed yet another bombshell, bringing forth new accusations, which caused Adani stocks to plummet.
Early on Friday morning, Adani Group shares experienced a 2% decline following a report by Hindenburg Research indicating that over $310 million had been frozen by Swiss authorities across multiple bank accounts. According to reports, the Adani Group is accused of money laundering and securities fraud in connection with these monies.
Eight of the ten equities owned by the Adani Group were down as of 9:40 AM.
New Delhi Television (NDTV) showed a slight gain of 1%, while ACC was flat but had a positive outlook. However, Adani Enterprises, Adani Ports and Special Economic Zone, Adani Green Energy, Adani Total Gas, Adani Wilmar, Adani Energy, and Ambuja Cements saw declines ranging between 0.37% and 2%.
The new allegations follow a post made by Hindenburg on X (formerly Twitter) on Thursday. The short-seller claimed that an investigation dating back to 2021 has uncovered questionable financial dealings involving offshore entities connected to the Adani Group.
Swiss media outlets reported that the Geneva Public Prosecutor’s Office had been looking into these allegations well before Hindenburg’s first set of accusations in 2023.
Gotham City, a Swiss media outlet, said, “More than $310 million belonging to an alleged front-man for billionaire Gautam Adani is sequestered in five Swiss banks. The Office of the Attorney General of Switzerland (OAG) took over the investigation after the case was revealed in the press.”
This latest report comes just as the earlier controversy surrounding the Adani-Hindenburg case seemed to be fading. Earlier in 2023, Hindenburg had accused the Adani Group of using tax havens to avoid market regulations, a claim the group denied.
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Source: India Today
