Adani stocks tank up to 3% as George Soros-backed entity attempts Hindenburg 2.0
Adani Group shares today fell up to 3% as George Soros-backed Organised Crime and Corruption Reporting Project (OCCRP) attempted an ambush on Adani Group by claiming that two men who secretly invested in the conglomerate have close ties to the Adani family.
Shares of Adani Power, Adani Energy Solutions and Adani Green led the downside by dropping 3% each.
The conglomerate's cash cow Adani Ports fell 1.7% while the flagship entity Adani Enterprises fell over 2%.
The remaining five Adani stocks were also trading with a negative bias.
While the Adani Group has dismissed the allegations made by OCCRP and also published in two foreign publications — The Guardian and Financial Times — calling them as «recycled allegations» made in the Hindenburg report earlier, the fresh report has identified two men who allegedly spent years trading hundreds of millions of dollars’ worth of Adani Group stock: Nasser Ali Shaban Ahli and Chang Chung-Ling.
The report claimed that the two men have also served as directors and shareholders in Adani Group companies and companies associated with Gautam Adani's brother Vinod Adani.
«From the outside these funds, called Emerging India Focus Fund (EIFF) and EM Resurgent Fund (EMRF), appear to be typical offshore investment vehicles, operated on behalf of a number of wealthy investors,» it said, adding that the two entities netted hundreds of millions over the years by repeatedly buying Adani stock low and selling it high.
«Between them, at the peak of their investment in June 2016, the two funds held free-floating shares of four Adani Group companies ranging from 8 to nearly 14 percent: Adani Power, Adani Enterprises, Adani Ports, and Adani Transmissions,» the report claimed.
