Adani Group Stocks Fall Up to 3% on US Probe Into Iranian LPG Shipments

Adani Group stocks experienced declines of up to 2.7% following reports by The Wall Street Journal that U.S. prosecutors are investigating the conglomerate for allegedly importing Iranian liquefied petroleum gas (LPG) through its Mundra port, raising concerns about potential violations of U.S. sanctions. The stocks of prominent companies within the group, including Adani Enterprises, Adani Ports, Adani Total Gas, and Adani Green Energy, faced downward pressure amid the probe news. The Adani Group strongly denied the allegations, calling them "baseless and mischievous," asserting that they do not handle any cargo from Iran or vessels under the Iranian flag at any of their ports, and stating they are unaware of any U.S. investigation. The company further condemned the report as speculative and slanderous, emphasizing strict adherence to policies against sanctions evasion. Despite the stock drops, some shares like Adani Green and Adani Total Gas recovered partially after the group’s clarifications. Overall, the controversy has stirred market volatility with concerns over reputational damage to the Indian conglomerate.