Adani Power to Adani Enterprises: Adani shares extend sell off for second straight session

livemint.com:

Adani Power shares opened lower and went on to make intraday low of ₹312.25 apiece on NSE, logging over one per cent dip against its Thursday price. Similarly, Adani Enterprises shares are also swinging in gain and loss while Adani Green Energy, Adani Ports, Adani Total Gas, Adani Transmission, Adani Wilmar, etc.

too slipped into the red zone. However, after trading in red zone, some Adani group shares started recovering from its intraday lows.

Adani shares have been under the sell off stress since Thursday after the non-profit media organisation Organised Crime and Corruption Reporting Project (OCCRP) raised concern over the Mauritius-based offshore funding. In a fresh set of allegations OCCRP labelled charges against Adani group for using ‘opaque investments’ through Mauritius.

The non-profit media organisation has reported that they have found two cases in which investors bought and sold Adani stock through such offshore structures. The OCCRP report said, "Exclusive documents obtained by OCCRP and shared with The Guardian and Financial Times — including files from multiple tax havens, bank records, and internal Adani Group emails — shed light on that very matter," adding, "These documents, which have been corroborated by people with direct knowledge of the Adani Group’s business and public records from multiple countries, show how hundreds of millions of dollars were invested in publicly traded Adani stock through opaque investment funds based in the island nation of Mauritius." Alleging Adani family involvement in this offshore funding, OCCRP report added, "The two men, Nasser Ali Shaban Ahli and Chang Chung-Ling, have longtime business ties to the family and have also served as directors and shareholders in Adani