Adani Group stocks decline in morning trade; Adani Ports, Adani Enterprises drop nearly 3%

New Delhi: Adani Group stocks declined on Tuesday morning trade, with Adani Ports and Adani Enterprises falling nearly 3 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 2.72 per cent, Adani Enterprises declined 2.63 per cent, Adani Total Gas went lower by 2.10 per cent and Adani Green Energy fell 2 per cent on the BSE. The stocks of Adani Power slipped 1.64 per cent, Adani Energy dipped 1.58 per cent, Sanghi Industries lost 0.92 per cent, Ambuja Cements edged lower by 0.82 per cent, AWL Agri Business (0.62 per cent), ACC (0.41 per cent) and NDTV (0.30 per cent). "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".