The echoes of the OCCRP report alleging the Adani Group of ‘insider trading’ for its floating stocks through opaque investments, were even heard when the markets closed for trading on Aug 31.

Barring ACC Limited, all the stocks from the Adani Group fell at least 3%, with the Group plummeting to 4% on average.

Adani Enterprise fell by 3.77%, Adani Energy Solutions fell by 3.52%, Ambuja Cements fell by 3.53%, Adani Green fell by 4.39% and Adani Ports were down by 3.37%.

This is not, however, the first time that Adani Group has taken the brunt of an accusation. Since the Adani-Hindenburg saga in Jan 2023, the stocks of the conglomerate have been down by 30% on average.

The impact of both Hindenburg and OCCRP reports can be seen by taking a glance at the stock prices before the report, and today.

Gautam Adani no longer Asia’s second-richest man

Adani head honcho Gautam Adani also dropped out of the top 20 billionaires list of the Bloomberg Billionaires Index due to the fall in Adani Group’s shares. Adani now sits at 22nd position in the index.

Notably, Adani was the second richest man in the world for a short while, before the Hindenburg report was published in Jan 2023.

As far as Asian billionaires are concerned, Adani had to make way for Chinese billionaire Zhong Shanshan, who is now the second richest Asian.

After the OCCRP report on Aug 31, Adani’s net worth slipped to $61.8bn, losing $2.26bn.

The OCCRP and Hindenburg: Allegations on Adani

The Hindenburg report, published on Jan 24, 2023, alleged the Adani Group of stock manipulation and accounting fraud, and forming a network of shell companies for the group’s covert financial transactions.

The OCCRP report also alleged Adani Group of stock price manipulation with the help of two mascots, reportedly having ties to Vinod Adani, brother of Gautam Adani.

The report revealed an investment of hundreds of millions of dollars in publicly traded Adani stocks through opaque investment funds from Mauritius.

According to OCCRP, some of the public investors in the Adani stocks were, in fact, insiders, acting against Indian law.

Adani Group has denied the allegations made by both the reports.

For more such updates and news on the go, follow us on

Instagram | YouTube | Facebook