Adani Group stocks slip on report US probing alleged Iran sanctions evasion

Shares of India's Adani Group firms fell between one and 2.5 per cent on Tuesday, a day after the Wall Street Journal reported that US prosecutors were probing whether Adani entities had imported Iranian LPG into India through their Mundra port.

An Adani spokesperson called the report "baseless and mischievous" in a statement, adding: "We are not aware of any investigation by US authorities on this subject."

Shares in the group's flagship firm Adani Enterprises opened 2.2 per cent lower, while Adani Ports fell 2.5 per cent. Adani Total Gas, Adani Power, Adani Green and Adani Energy Solutions were down between one and two per cent.

India's benchmark Nifty 50 index was down 0.4 per cent, with Adani Enterprises and Adani Ports the top percentage losers.

The WSJ said it had found tankers travelling between the Gulf and billionaire Gautam Adani's Mundra port in western India exhibiting traits that experts say are common for ships evading sanctions.

Reuters could not independently verify the report and the US Department of Justice and the US Attorney's Office in Brooklyn did not respond to requests for comment.

Adani Ports has been the top gainer among Adani Group stocks so far this year, up 16 per cent, while Adani Total has been the top loser, down 11 per cent.

(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala)