Adani Group stocks fall on reports of Iranian LPG import from Mundra port; Adani Enterprises denies allegations

Adani Group stocks, including Adani Enterprises, Adani Ports & SEZ and Adani Power, declined between 1% and 2.5% on Tuesday, a day after the Wall Street Journal reported that US prosecutors were probing whether Adani entities had imported Iranian LPG into India through their Mundra port.

Adani Enterprises share price dropped as much as 2.63%, while Adani Ports share price fell 2.72%. Adani Total Gas, Adani Green Energy, Adani Energy Solutions and Adani Power shares were down between 1% and 2%.

However, Adani group has strongly refuted the Wall Street Journal report terming it as “baseless and mischievous” and said that it was “not aware of any investigation by US authorities on this subject.”

The WSJ said it had found tankers travelling between the Gulf and billionaire Gautam Adani's Mundra port in western India exhibiting traits that experts say are common for ships evading sanctions.

Adani Group Rejects Claims 

“Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG. Further, we are not aware of any investigation by US authorities on this subject,” Adani Enterprises said in a regulatory filing on June 2.

“The WSJ’s story appears to be based entirely on incorrect assumptions and speculation. Any suggestion that Adani Group entities are knowingly in contravention of US sanctions on Iran is strongly denied. Any assertion to the contrary would not only be slanderous but also deemed to be an intentional act to injure the reputation and interests of the Adani Group,” it added.

By policy, the Adani Group said, it does not handle any cargo from Iran at any of its ports.

“This includes any shipments originating from Iran or any vessels operating under the Iranian flag. Additionally, the Adani Group does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports,” the company statement said.

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