Adani Group rejects OCCRP report it used 'opaque' funds to invest
Saturday, 2 September 2023 Adani Group claimed on Saturday that its stocks and financials were unaffected, just days after the Organized Crime and Corruption Reporting Project (OCCRP) reported that the family's business associates used 'opaque' cash to buy in stocks. Adani Group said the'misleading reports' had no significant impact on its business performance and that it remained in line with the law.
As the counting trend suggested major gains for the Opposition's INDIA alliance in the Lok Sabha election, Rahul Gandhi slammed the Narendra Modi-led government and said that the Opposition fought this election not just against the BJP but all the institutions it had "captured." "We fought this election against the Bharatiya Janata Party, Indian governance structure, probe agencies, judiciary and other public institutions, since these all had been captured by the Modi government," Gandhi said. "The public directly related Modi and Adani. If Modi loses, the stock market says Modi is gone so Adani is gone. There is a direct relationship of corruption between them," he alleged. Indian stocks suffered their worst intraday fall since March 2020 on Tuesday, as vote counting trends in the general election suggested Prime Minister Narendra Modi's alliance was unlikely to win the overwhelming majority predicted by exit polls.
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Witness the aftermath of the Lok Sabha Election Results 2024 as Adani Group shares plummet by billions, sparking a bloodbath in the share market. Join Oneindia for in-depth analysis and real-time updates on the economic repercussions of this seismic political event.
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Hindenburg Research has responded to reports alleging the use of offshore funds to manipulate shares of Adani Group companies, stating that "the loop is closed."... IndiaTimes Also reported by •Mid-Day
Allegations of governance issues at India's Adani Group have caused a decline in the conglomerate's market value. The allegations pertain to the group's... IndiaTimes
Saturday, 2 September 2023
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