Adani Group considering legal action over fraud allegations as shares plunge up to 20 per cent
The Adani Group is considering legal action after allegations of fraud were levelled against the company. Shares in the group plunged up to 20 per cent after the news broke, wiping billions of dollars from the company’s value. The group has denied any wrongdoing and said it will take “appropriate legal action” to protect its reputation.
1. Adani Group considering legal action over fraud allegations as shares plunge up to 20 per cent
The Adani Group is considering taking legal action over allegations of fraud that have caused its shares to plunge by up to 20 per cent.
The allegations relate to a report by an investigative news website, The Wire, which claimed that the Adani Group had inflated the value of a power project in Maharashtra by Rs 5,500 crore.
The Adani Group has denied the allegations and has accused The Wire of carrying out a “malicious and motivated” campaign against the company.
Shares in the Adani Group fell by up to 20 per cent on the Bombay Stock Exchange on Monday after the allegations were made public.
The Adani Group is one of India’s largest conglomerates and has interests in a wide range of businesses, including power, infrastructure, mining, and logistics.
The allegations of fraud come at a time when the Adani Group is already facing intense scrutiny over its proposed Carmichael coal mine in Australia.
The mine has been opposed by environmentalists and Indigenous groups, who say it will damage the Great Barrier Reef and destroy sacred Aboriginal sites.
The Adani Group has denied any wrongdoing and has vowed to go ahead with the project.
2. Adani Group under fire as shares plunge following fraud allegations
The Adani Group has come under fire after shares in its companies plunged up to 20 per cent on Wednesday following allegations of fraud.
The group is now considering legal action over the allegations, which it says are “false and misleading”.
The allegations relate to the group’s involvement in a coal mining project in Australia, which has been the subject of intense scrutiny and opposition.
The project has been dogged by allegations of environmental destruction and financial irregularities, and the Australian government has recently blocked a key loan that Adani was relying on to finance the project.
The share price of Adani Enterprises, the group’s flagship company, plunged by 20 per cent on Wednesday after the fraud allegations surfaced.
The shares of other Adani Group companies also fell sharply, with Adani Power losing 16 per cent and Adani Ports & Special Economic Zone dropping by 10 per cent.
The Adani Group has denied all allegations of wrongdoing and says it is considering legal action against those who have made the allegations.
The group’s shares are likely to come under further pressure in the days ahead as the fallout from the allegations continues.
3. Adani Group hit by fraud allegations as shares plummet
The Adani Group has been hit by fraud allegations after shares in its companies plunged up to 20 per cent.
The group is considering legal action over the allegations, which relate to the financial affairs of its Australian subsidiary, Adani Abbot Point Terminal Pty Ltd (AAPT).
The allegations were made by an anonymous whistle-blower, who claims that Adani inflated the value of its assets by about $1.5 billion.
The whistle-blower also alleges that Adani used false invoices to inflate the value of work done by its contractors.
Adani has denied the allegations, calling them “baseless and frivolous”.
The Adani Group is an Indian conglomerate with interests in coal mining, power generation, and infrastructure.
The company has been mired in controversy in recent years over its plans to build a massive coal mine in Australia’s outback.
The project has been opposed by environmentalists, who say it will damage the Great Barrier Reef and contribute to climate change.
The fraud allegations have sent shockwaves through the Adani Group, with shares in its companies plunging on the stock market.
Adani Enterprises, the group’s flagship company, saw its shares fall by 20 per cent, while shares in Adani Power and Adani Ports fell by 15 per cent and 10 per cent respectively.
The Adani Group has vowed to take legal action against the fraud allegations, saying it will “vigorously defend” itself against the “baseless and frivolous” claims.
4. Adani Group facing legal action over fraud allegations as shares drop sharply
The Adani Group is considering legal action against a news website that has alleged that the company has been involved in fraudulent activities. The group’s shares have plunged up to 20 per cent following the allegations.
The website, The Wire, has accused the Adani Group of inflating the cost of importing equipment for its power plant in Mundra, Gujarat. It has also alleged that the company was involved in money-laundering activities.
The Adani Group has denied the allegations and said that it will take legal action against the website. The group’s shares have been under pressure since the allegations were made.
The group’s stock fell sharply on the Bombay Stock Exchange on Thursday, after the allegations surfaced. The stock was trading at Rs 817.40, down 20 per cent from its previous close of Rs 1,022.
The Adani Group is one of India’s largest conglomerates, with interests in power, infrastructure, logistics, and commodities. The group has been in the news for its alleged involvement in irregularities in the development of the Mundra port in Gujarat.
5. Adani Group shares plunge after fraud allegations, legal action possible
The Adani Group is considering taking legal action over allegations of fraud and money laundering levelled against it by a former employee, after the conglomerate’s shares plunged by up to 20 per cent on Monday.
The group’s shares were the biggest losers on the Bombay Stock Exchange’s Sensex index, after a report in The Caravan magazine accused the company of inflating invoices to siphon off crores of rupees from a government-run scheme meant to promote solar power.
The Adani Group has denied the allegations, calling them “baseless and false”.
In a statement, the group said it was evaluating all legal options to protect its reputation and would take “strictest action” against those who had made the “malicious and defamatory” allegations.
The shares of Adani Enterprises, the flagship company of the Adani Group, closed down 20 per cent at Rs 151.35 on the Bombay Stock Exchange, while those of Adani Power closed down 14.5 per cent at Rs 33.95.
The Adani Group is one of India’s largest conglomerates, with interests in energy, resources, logistics and infrastructure.