The share price of the Adani Group stocks came under pressure in early trade on Tuesday after a report by The Wall Street Journal revealed that U.S. prosecutors are investigating whether the conglomerate imported Iranian liquefied petroleum gas (LPG) into India through the Mundra Port, possibly violating U.S. sanctions.
However, the Adani Group strongly denied these claims in a statement issued on June 2, calling the allegations “baseless and mischievous.”
In its filing, the group said it has no knowledge of any U.S. investigation and emphasised its strict policy of not handling any cargo from Iran at any of its ports.
The regulatory filing read: “The WSJ’s story appears to be based entirely on incorrect assumptions and speculation. Any suggestion that Adani Group entities are knowingly in contravention of US sanctions on Iran is strongly denied. Any assertion to the contrary would not only be slanderous but also deemed to be an intentional act to injure the reputation and interests of the Adani Group. The rights of Adani Group entities and personnel in this regard are expressly reserved. 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. Additionally, the Adani Group does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports.”
Despite the clarification, investor sentiment remained cautious, with multiple Adani stocks trading in the red.
Here’s a look at how Adani Group stocks are performing today and how they’ve fared over different time frames.
Adani Enterprises
Adani Enterprises, the flagship of the group, fell by around 1.7% in early trade. The stock also posted a 2% loss over the last five days. However, over the past three months, the stock remains in the green with a 16.6% gain. Over a five-year period, the stock has surged by a staggering 1,540%, despite being down 32% year-on-year. Its 52-week range lies between Rs 2,026.90 and Rs 3,743.
Adani Ports and Special Economic Zone (SEZ)
Adani Ports & SEZ also slipped over 1% in early trading. While the stock has delivered a 7.5% monthly gain and a 37.5% rise over three months, it remains 8.6% lower than its year-ago level. Long-term investors still hold strong returns, with a five-year return of over 326%. The share trades between a 52-week low of Rs 993.85 and a high of Rs 1,607.95.
Adani Power
Adani Power was down nearly 1% in early trade, continuing its choppy trend in recent sessions. It has dropped 1% over the last month but maintained a 14% gain over the last three months. However, its 37% decline over the past year. Long-term, though, it remains a multibagger with a five-year return of over 1,360%. The stock’s 52-week range spans from Rs 430.85 to Rs 896.75.
Sanghi Industries
Sanghi Industries, the cement company under the Adani umbrella, traded lower by around 0.7% during morning deals. The stock is up 2.4% in the past month and has surged 16.6% over three months. However, it is still down by 34% compared to a year ago. Over the long term, Sanghi Industries has delivered 265% returns in five years. Its price has fluctuated between Rs 50.10 and Rs 112.70 over the last 12 months.
Ambuja Cements
Ambuja Cements, another group company in the cement segment, declined by nearly 0.5% in early trade. The stock has moved up 2% over the past month and nearly 17% over the last three months. However, it has seen a 17.7% decline over the past year. Ambuja has returned over 194% in the past five years, with a 52-week price band between Rs 452.90 and Rs 706.85.