Indian stock markets shrugged off the allegations raised by the OCCRP report alleging “opaque” trading by Adani Group.
After the initial reaction on the day the report was released, there was no follow through selling in the Adani group stocks. The general perception in the market is that the allegations may not have a major impact on the group.
Adani Group termed OCCRP’s report as “rehashed” allegations that were reported and clarified earlier.
Eight out of the 10 Adani Group stocks ended higher on Friday. The flagship Adani Enterprises Ltd. and Adani Ports and Special Economic Zone were up 1.3% and 0.9%, respectively. Ambuja Cement Ltd., New Delhi Television Ltd., Adani Energy Solutions Ltd., Adani Green Energy Ltd., Adani Power Ltd and ACC Ltd. also ended higher.
Adani Total Gas Ltd. and Adani Wilmar Ltd. ended 0.28% and 2% lower, respectively.
Incidentally, OCCRP also came out with a note on Vedanta Ltd., which was also trading higher in the post-noon trading.