Most Stocks Of Adani Group Rise As Markets Shrug Off OCCRP Allegations
A day after the Adani Group rejected the OCCRP (Organised Crime and Corruption Reporting Project) report, Adani Group shares recovered from intraday lows and traded in the green.
Shares of Adani Group's flagship company Adani Enterprises witnessed a surge of over 1.5 per cent; the shares of Adani Ports also witnessed an uptick of over 1.5 per cent.
Most of the heavyweight Adani Group stocks have recovered at least 50 per cent from the lows witnessed during the Hindenburg report fallout.
In fact, the big bets for GQG in India (one the marquee global funds) are still on the Adani Group stocks. Since March 2023, after the Hindenburg saga, GQG has invested across Adani Group companies.
Rejecting the OCCRP report, the Adani Group in a statement said "We categorically rejected these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report.
The Adani Group has also stated that "these attempts are aimed at generating profits by driving down the group's stock prices and these short sellers are under investigation by various authorities".
The statement further added, "as per the expert committee appointed by the Supreme Court there is no evidence of any breach of the minimum public shareholding requirements or manipulation of stock prices."