Adani shares under pressure after new report on stock manipulation

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Adani shares cracked between 1-3% in early trade on Thursday after a new report from the Soros-backed Organised Crime and Corruption Reporting Project (OCCRP), shared with the Guardian and the Financial Times, revived allegations against the group for using complex offshore operations in Mauritius, to prop up group stocks from 2013 to 2018.

Flagship Adani Enterprises was down 2 per cent to Rs 2,460.7 apiece on the NSE at 9.45 am. Adani Ports and Special Economic Zone was trading lower by 1.5 per cent.

Adani Power slid 2.7% to Rs 319.3, while Adani Wilmar was down 1.1% to Rs 365.

Adani Total Gas and Adani Green Energy were down 2.1 per cent and 2.45 per cent, respectively. ACC shed 1.55 per cent and Ambuja Cement was down 1.5 per cent. NDTV shares slipped one per cent.

OCCRP said it found at least two cases where the family associates bought and sold Adani stock through offshore structures over several years.