Mumbai— Adani Group stocks remained largely unfazed on Tuesday following a Wall Street Journal report alleging renewed U.S. scrutiny over potential sanctions violations related to Iran. Despite the claims, the conglomerate’s market capitalization dipped only 1.8%, modestly underperforming the broader Nifty index, which fell 0.7%.
Adani Enterprises declined by 1.9%, while ACC slipped just 0.3%, reflecting investor confidence even in the face of controversy.
In a swift response, the Adani Group dismissed the report as “baseless and mischievous.” Analysts say the market appears to be discounting recurring international allegations, interpreting them as attempts to undermine Adani’s pivotal role in India’s energy infrastructure.
Despite frequent negative coverage from global media, short-sellers, and regulatory probes, Adani’s business momentum and investment strategy remain intact. The group continues to draw strong interest from international investors.
Over the last two years, the conglomerate has reported over 25% profit growth and invested ₹1.75 lakh crore (approximately $21 billion), all while substantially reducing debt. Its net debt-to-EBITDA ratio now stands at 2.5x—among the lowest globally for infrastructure players.
Notably, prior controversies, including the January 2023 Hindenburg Research allegations and a November 2024 U.S. Department of Justice indictment preceding a major green energy capital raise, failed to derail the group’s progress.
The WSJ article was authored by Ben Foldy, who has publicly expressed interest in writing a book on Hindenburg Research—a firm known for targeting green energy firms like Adani. Foldy has also previously helped spotlight Hindenburg’s campaigns.
The continued strength of Adani stocks reflects the market’s enduring faith in the group’s fundamentals, its strategic role in India’s economy, and its ability to weather external headwinds. (Source: IANS)
