Adani Enterprises shares fall 2% as firm says in talks with US Office of Foreign Assets

Adani Enterprises shares fall 2% as firm says in talks with US Office of Foreign Assets

• Adani Enterprises shares fell 2% after OFAC began a civil investigation
• Company denies role in Iranian LPG shipments, halts all LPG imports.
• Adani's record profit due to one-time gain from joint venture exit.

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Shares of Adani Enterprises fell 2% on February 10 after the firm said it was in talks with the US Office of Foreign Assets (OFAC) over allegations raised in a report published by the Wall Street Journal in June 2025.

Wall Street Journal had reported that Adani Group chairman Gautam Adani was trying to get the Trump administration to drop bribery charges against him.

The company added OFAC is conducting civil investigation into Adani Enterprises' transactions processed through US financial institutions.

The WSJ report had said US authorities were examining whether entities linked to Gautam Adani were involved in Iranian-origin LPG shipments, which the company has denied.

Adani Enterprises stock fell 8.6% in 2025.

Adani Enterprises said that it received a Request for Information from the Office of Foreign Assets on February 4. "The communication does not contain any findings of aberrations or non-compliances," it said.

LPG formed a very small and operationally non-material component of the company’s overall revenue in FY24-25. Still, company has ceased all LPG imports with effect from June 2 last year out of abundant caution, it added.

Earlier this month, Adani Enterprises Ltd. reported the highest quarterly profit on record, purely on the back of a one-time gain on its exit from a joint venture that masked continuing pain in its coal trading unit.

Net income at the firm came in at Rs 5,630 crore for the three months ended Dec. 31, according to an exchange filing. That performance was on account of an exceptional gain of Rs 5,630 crore from the sale of its stake in AWL Agri Business Ltd.

Revenue rose 8.6% to Rs 24,820 crore, while costs climbed 5.5% to Rs 24,180 crore, the filing showed.

Although higher profit strengthens the conglomerate’s ability to revive capital spending and fundraising to move past recent setbacks, the latest earnings underscore how Adani is leaning on divestments to bolster its bottomline.

Net income at the company was boosted in two quarters last year as well by booking gains from this transaction, as the company prunes non-core assets. Adani Enterprises is the incubator for all the new ventures in the ports-to-power conglomerate before they are spun off.

Airport revenue surged 32% to Rs 3,840 crore.