Adani Group stocks surge as market pays no heed to OCCRP's allegations of malpractice
Mumbai: A day after Gautam Adani-led Adani Group strongly rejected the fresh allegations of stock manipulation by the Organised Crime and Corruption Reporting Project (OCCRP), its shares recovered from intra-day lows to trade in the green, apparently reflecting the minimal impact of the charges on investors.
According to an NDTV report, Shares of Adani Group's flagship company Adani Enterprises rose over 1.5 percent and the shares of Adani Ports also witnessed a surge of more than 1.5 percent.
Most of the heavyweight Adani Group stocks have witnessed a rebound of at least 50 percent from the decline recorded in the aftermath of Hindenburg report.
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 group alleged that these attempts are aimed at, inter alia, generating profits by driving down our 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."
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
