Adani Group stocks dip after WSJ reports US probe on Iranian LPG imports in India

New Delhi: Adani Group stocks ended lower on Tuesday, with Adani Ports, NDTV and Adani Energy falling over 2 per cent each.

Adani Group on Monday said it does not handle any cargo coming from Iran or any Iranian-owned ship at any of its ports, as it denied any deliberate engagement in sanctions evasion.

In a stock exchange filing, the group said reports of links between any of its entities and Iranian LPG are "baseless and mischievous".

The filing was in response to a Wall Street Journal (WSJ) report that said US prosecutors were investigating if Adani group companies imported Iranian LPG into India through their Mundra port in Gujarat.

Shares of Adani Ports dropped 2.42 per cent, NDTV fell by 2.25 per cent, Adani Energy Solutions declined 2.18 per cent, Adani Power skidded 2.02 per cent and Adani Enterprises went lower by 1.89 per cent on the BSE.

The stocks of Adani Total Gas edged lower by 1.62 per cent, Adani Green slipped 1.58 per cent, Sanghi Industries Ltd (1.16 per cent), Ambuja Cements (0.88 per cent), ACC (0.22 per cent) and AWL Agri Business (0.06 per cent).

In intra-day trade, NDTV tanked 4.92 per cent, Sanghi Industries dropped 3.44 per cent, Adani Ports fell by 2.77 per cent, Adani Power lost 2.69 per cent, Adani Enterprises went lower by 2.63 per cent, Adani Energy (2.35 per cent), Adani Total (2.10 per cent), Adani Green (2 per cent), Ambuja Cements (1.21 per cent), AWL Agri (1.14 per cent) and ACC (0.62 per cent).

In the equity market, the 30-share BSE Sensex tanked 636.24 points or 0.78 per cent to settle at 80,737.51. The NSE Nifty plunged 174.10 points or 0.70 per cent to 24,542.50.

"By policy, the Adani Group does not handle any cargo from Iran at any of our ports. This includes any shipments originating from Iran or any vessels operating under the Iranian flag," the conglomerate said in the filing.

It went on to state that the group "does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports".

The WSJ report claimed that its investigation had found tankers travelling between Mundra and the Persian Gulf exhibited traits experts say are common for ships evading sanctions.

Purchase of Iranian oil or products is sanctioned over Tehran's suspected nuclear programme.

Calling the report "baseless and mischievous", the Adani group said it "categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG".

It went on to add that it was "not aware of any investigation by US authorities on this subject".

The report, it said, "appears to be based entirely on incorrect assumptions and speculation".