Adani Probe Triggers Sharp Stock Decline

Adani Group stocks experienced a sharp decline after reports emerged 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. The Wall Street Journal reported that the probe focuses on suspicious tanker movement patterns that experts say are typical of sanctions evasion. Adani Group has denied any wrongdoing, asserting compliance with all domestic and international laws and claiming no knowledge of a U.S. investigation. The company labeled the allegations as 'baseless and mischievous.' This development comes as Adani continues to recover from a damaging short-seller report and previous accusations of bribery and investor misinformation, all of which the group denies. The investigation has increased volatility in Adani’s stock prices and prompted renewed calls for greater transparency in its international trade.