Shares of Adani Group firms fell between 1% and 2.5% on June 3, a day after the Wall Street Journal reported that US prosecutors were investigating whether Adani group companies imported Iranian LPG into India through their Mundra port in Gujarat.
An Adani spokesperson called the report "baseless and mischievous" in a statement, adding: "We are not aware of any investigation by US authorities on this subject."
At 11:27 am on June 3, shares in the group's flagship firm Adani Enterprises were trading with 1.2% decline after opening 2.2% lower, while Adani Ports fell 2.5% at open to later trade 1.6% lower. Adani Total Gas, Adani Power, Adani Green and Adani Energy Solutions were down between 1% and 2%.
Benchmark Nifty 50 index was down 0.4%, with Adani Enterprises and Adani Ports the top percentage losers.
Adani Group on June 2 said it does not handle any cargo coming from Iran or any Iranian-owned ship at any of its ports, as it denied any deliberate engagement in sanctions evasion.
"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 an exchange filing.
It went on to state that the group "does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports".
"Any suggestion that Adani Group entities are knowingly in contravention of US sanctions on Iran is strongly denied. Any assertion to the contrary would not only be slanderous but also deemed to be an intentional act to injure the reputation and interests of the Adani Group. The rights of Adani Group entities and personnel in this regard are expressly reserved," it added.
The WSJ said it had found tankers travelling between the Gulf and Gautam Adani's Mundra port in Gujarat exhibiting traits that experts say are common for ships evading sanctions.
Adani Ports has been the top gainer among Adani Group stocks so far this year, up 16%, while Adani Total has been the top loser, down 11%.
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