Adani Group stocks witnessed a notable decline in Tuesday’s morning trading session, with Adani Ports and Adani Enterprises falling close to 3% each. This drop follows heightened scrutiny over alleged sanctions evasion related to Iranian LPG imports.
On Monday, the conglomerate firmly denied any involvement in handling cargo originating from Iran or any vessels owned by Iranian entities at its ports. In a statement filed with the stock exchange, Adani Group dismissed reports linking its companies to Iranian LPG as “baseless and mischievous.”
The response came after a Wall Street Journal (WSJ) report indicated that U.S. prosecutors are investigating whether Adani Group companies imported Iranian LPG into India through their Mundra port in Gujarat.
Shares reflected investor caution: Adani Ports dropped 2.72%, Adani Enterprises declined 2.63%, Adani Total Gas fell 2.10%, and Adani Green Energy lost 2% on the Bombay Stock Exchange (BSE). Other group stocks, including Adani Power, Adani Energy, Sanghi Industries, Ambuja Cements, AWL Agri Business, ACC, and NDTV, also saw marginal declines.
Reiterating its strict policy, Adani Group emphasized that it does not handle shipments from Iran nor manages ships owned by Iranian nationals across all its ports.
The WSJ report suggested that certain tankers traveling between Mundra and the Persian Gulf exhibited characteristics typical of sanctions evasion. Importing Iranian oil and related products remains prohibited due to international sanctions linked to Tehran’s nuclear program.
Adani Group categorically denied any deliberate sanctions evasion and stated it was unaware of any formal U.S. investigation on the matter. The conglomerate characterized the WSJ’s claims as speculative and founded on incorrect assumptions.
As the market reacts, the unfolding developments continue to draw attention to the group’s operations amid the ongoing geopolitical sensitivities.
