Adani Group Shares Tumble After Hindenburg’s Fresh Allegations

Mumbai: Adani Group’s shares retreated into the red on Friday, a day after Hindenburg Research fired fresh salvo, claiming that Swiss authorities froze its $310 million kept in Swiss banks for alleged money laundering and security forgery.

These cases date back to 2021, the US short seller said, citing Swiss criminal court records.

The Adani Group has vehemently denied the charges, calling them “baseless allegations”. It said its overseas holding structure is transparent, fully disclosed, and compliant with relevant local laws. It also clarified that none of its group companies is involved in any Swiss court proceedings.

However, the news had its impact and sent Adani stocks into a tumble. At the time of going to press, shares of Adani Enterprises (-0.81%), Adani Ports and Special Economic Zone (-1.31%), Adani Power (-1.87%), Adani Green Energy (-1797.05) and Adani total Gas (-0.30) were in red. The only silver lining was Adani Wilmar, whose shares rose by 0.19% to 362.75.

In a post on X on Thursday evening, Hindenburg Research said, “Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021.”

Prosecutors revealed that an Adani associate invested in opaque funds based in the British Virgin Islands, Mauritius, and Bermuda, which were almost entirely made up of Adani stocks, according to newly released records from a Swiss criminal court, as reported by a Swiss media outlet, the post added.