After Hindenburg, Adani Group is again under investigation. Major allegations have been made against Adani Group by the US and its investigation is now underway. A report in the Wall Street Journal said that US officials are investigating whether Adani Group companies import Iranian LPG to India through the Mundra port in Gujarat.

According to the report, US officials are investigating whether Indian billionaire Gautam Adani’s companies imported Iranian liquefied petroleum gas (LPG) to India through the Mundra port.

The report mentioned that some tankers that regularly ply between Mundra and the Persian Gulf have done so despite the ban. The US Justice Department is reviewing the activities of several LPG tankers used to transport goods. However, the Adani Group has completely denied the allegations and called them baseless.

Adani Group statement

Adani Group on Monday denied media reports that it was being investigated by US officials for alleged involvement in Iranian LPG. Adani Group said on Monday that it does not handle any product originating from Iran or any Iranian-owned vessel at any of its ports. The group also said that it has not knowingly violated any sanctions imposed on Iran. Adani Group has told the stock exchange that reports of a link between any of its entities and Iranian LPG are ‘baseless and malicious’. The group said, “Adani Group does not handle any product originating from Iran at any of its ports. This includes any consignment originating from Iran or any vessel flying the Iranian flag.”

It also said, “The group does not facilitate any vessel that is owned by an Iranian. This policy is strictly followed at all our ports.” The US has imposed sanctions on the purchase of Iranian oil or products due to Tehran’s suspected nuclear program.

Stocks to watch tomorrow

Adani Group shares may be in the spotlight tomorrow following this news. Today, Adani Ports shares rose by up to 2% to Rs 1,464.30. At the same time, Adani Enterprises, the flagship company of the Adani Group, rose by up to 1% to Rs 2,524.70.