New Delhi
The latest Financial Times report that targeted Indian conglomerate Adani Group Article was just for noise, noted global financial services firm Cantor Fitzgerald, asserting that the financial market appeared to have shrugged off the said report.
The financial advisory firm’s report said that the market is inferring that the media article against the conglomerate was an immaterial story. Adani Enterprises shares closed 8.2 per cent higher on Thursday at Rs 3,398.20. Adani Group’s market capitalization continued to gain for the tenth consecutive day.
On Wednesday, London-based Financial Times, citing documents from George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP), in a report, charged the Adani group of fraud and selling low-grade coal as high-value fuel in the year back in 2013 to Tamil Nadu Generation and Distribution Company.
The consistent rise in the group’s market capitalisation over the past year shows that despite allegations, investors have reposed faith in the Adani group companies.
This is the third time that two foreign media platforms have published negative reports on the group. The Adani group denied all allegations and questioned the timing of the latest report when general elections are going on in the country.
The Financial Times published an article on the Adani Group, alleging that in 2013, the Adani Group imported low-quality coal and then sold that same coal to state-owned entities, but priced it as high-grade coal.
