MUMBAI: Stock prices of all Adani Group companies took a hit on Thursday after a collective of foreign journalists, backed by George Soros, published a report that alleged the group had, over several years, routed money to two foreign individuals to invest in its own stocks using Mauritius and Bermuda-based funds.
Reports by Organized Crime and Corruption Reporting Project (OCCRP), an investigative platform, The Financial Times and The Guardian also alleged that Adani Group violated markets regulator Sebi’s minimum shareholding norm and used layered fund structures to evade regulatory scrutiny. They alleged that Vinod Adani, brother of group chairman Gautam Adani, and his two associates were linked to the irregularities.
