Adani Group Faces Fresh Allegations: A Second Wave of Controversy with Hindenburg 2.0?

The Adani Group is once again under the spotlight, facing a new wave of allegations reminiscent of the Hindenburg report that shook the conglomerate earlier this year. This time, the accusations come from the Organized Crime and Corruption Reporting Project (OCCRP), which has claimed that Adani Group used opaque investment structures to manipulate its stock prices.

According to the OCCRP, the Adani family’s partners allegedly routed investments through hidden funds based in Mauritius, obscuring the true nature of these transactions. These fresh allegations have triggered a sharp decline in the shares of Adani’s companies, with Adani Enterprises and Adani Ports experiencing notable drops in their stock prices.

In response, the Adani Group has categorically denied the accusations, branding them as “recycled” and politically motivated, similar to the charges brought by Hindenburg Research earlier this year. The group emphasized that the allegations pertain to closed cases previously investigated and cleared by Indian authorities. Despite the denial, the market reaction has been negative, echoing the turmoil caused by the Hindenburg report, which had led to a significant loss in the group’s market valuation.

As the situation unfolds, investors and stakeholders are closely monitoring the developments, with the shadow of regulatory scrutiny looming large over the conglomerate. The recurrence of such allegations continues to fuel debates about corporate governance and transparency in one of India’s largest conglomerates.