Daijiworld Media Network – New Delhi

New Delhi, Jun 3: Investors brushed off a recent Wall Street Journal report on Tuesday that claimed fresh scrutiny by US prosecutors into alleged Iran sanctions violations by the Adani Group. The markets showed resilience, with Adani Group’s overall market capitalisation dipping just 1.8 per cent, compared to the broader Nifty's 0.7 per cent fall.

Adani Enterprises registered a 1.9 per cent dip, while ACC declined a modest 0.3 per cent.

Dismissing the WSJ report as “baseless and mischievous,” the Adani Group stated that the allegations were part of a continuing smear campaign. Market experts noted that investors seem to be increasingly discounting such narratives, recognising Adani’s pivotal role in ensuring India’s energy security.

Despite facing repeated global media campaigns, short-seller attacks, and regulatory probes, the group’s investment momentum remains unaffected. Adani continues to attract interest from major global investors, underlining its strong fundamentals.

In the last two years alone, the group has reported profit growth of over 25 per cent and invested nearly Rs 1.75 lakh crore ($21 billion), even amid financial volatility. Notably, it has also reduced its debt burden significantly, with its net debt to EBITDA ratio now standing at a healthy 2.5x – among the best globally for infrastructure firms.

Past challenges, including the explosive January 2023 Hindenburg Research report and a November 2024 US Department of Justice indictment, failed to derail Adani’s growth trajectory.

Interestingly, WSJ reporter Ben Foldy—credited with the latest report—has previously expressed interest in authoring a book on Hindenburg Research and is known for amplifying their allegations. Hindenburg, notably, has a history of targeting green energy firms, including Adani.

The group’s steady performance despite repeated external pressures reaffirms investor faith and highlights its strategic importance to India's infrastructure and energy landscape.