On Wednesday, Adani Group’s market capitalization surged back to USD 200 billion (Rs 16.9 lakh crore) after its listed firms gained Rs 11,300 crore, reflecting investor confidence despite recent allegations. This rise added to a two-day gain of Rs 56,250 crore.
The uptick coincided with a London-based Financial Times report, citing George Soros-backed OCCRP, alleging fraud in Adani’s 2013 coal supply to Tamil Nadu. Opposition leaders, including Rahul Gandhi, demanded a parliamentary probe. However, Adani Group denied the claims, asserting that the coal’s quality was independently tested and met all standards.
A spokesperson emphasized that payments were quality-dependent, with tests confirming compliance. The report’s vessel was also misidentified, as it didn’t transport coal from Indonesia until February 2014.
Adani dismissed the allegations as unfounded, noting they relied on non-comparable coal prices. The company also pointed out that an earlier DRI inquiry into Indonesian coal import overvaluation involved 40 companies and had seen no recent developments.
Market analyst Deven Choksey stated that the group’s fundamentals have strengthened significantly since 2014, anticipating further growth. Over the past year, Adani’s market cap rose by 56.6%, outpacing the Nifty’s 23.3% gain.
Despite the controversy, investor faith in Adani Group remains robust, underscoring its resilient market position.
