New Delhi: The Adani Group stocks, including Adani Ports, Adani Enterprises, Ambuja Cements and Sanghi Industries and others declined on Tuesday morning trade. The Adani Group stocks are in focus after the conglomerate on Monday informed the stock exchange that it does not handle any cargo coming from Iran or any Iranian-owned ship at any of its ports.
The group dismissed the reports claiming that it has no links with Iranian entities. It termed the allegations as “baseless and mischievous”.
The Adani Group submitted the response after a Wall Street Journal (WSJ) report stated that US prosecutors were investigating if the group’s companies imported Iranian LPG into India through their Mundra port in Gujarat.
“By policy, the Adani Group does not handle any cargo from Iran at any of our ports. This includes any shipments originating from Iran or any vessels operating under the Iranian flag,” the conglomerate said in the filing.
The shares of Adani Ports fell 2.72 per cent, Adani Total Gas went lower by 2.10 per cent, Adani Green Energy declined 2 per cent and Adani Enterprises dropped 2.63 per cent on the BSE.
Adani Energy edged lower by 1.58 per cent, Adani Power traded 1.64 per cent lower, ACC (0.41 per cent) and NDTV (0.30 per cent), Sanghi Industries went down 0.92 per cent, Ambuja Cements slipped 0.82 per cent, AWL Agri Business (0.62 per cent).
“By policy, the Adani Group does not handle any cargo from Iran at any of our ports. This includes any shipments originating from Iran or any vessels operating under the Iranian flag,” the conglomerate said in the filing.
While categorically rejecting the WSJ news report, Adani Group termed the article as “baseless and mischievous” and stated it “categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG”.
The conglomerate said it was “not aware of any investigation by US authorities on this subject”.
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Adani Group stocks experienced a significant decline following a Wall Street Journal report alleging a US investigation into potential Iranian LPG imports via Mundra Port. The Adani Group vehemently denied any involvement with Iranian cargo, stating a strict policy against handling Iranian shipments. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
