On Friday, October 13, 2023, the shares of Adani Group companies faced a downward trend, closing with losses, notably Adani Enterprises Ltd (AEL), which dropped by over 2% to ₹2,454.65 per share. This decline followed a report in the Financial Times (FT) alleging that the Adani Group, led by Gautam Adani, had engaged in over-invoicing of imported coal prices. The alleged motive behind this practice was to enrich the group and pass on higher costs to electricity consumers in India.

In response to the FT report, the stock prices of various Adani Group companies saw declines on the Bombay Stock Exchange (BSE). Adani Port & SEZ dropped by 0.10% to ₹813.55, Adani Power fell by 1.56% to ₹341.85, Adani Energy Solutions decreased by 1.05% to ₹785.45, Adani Green Energy was down by 0.08% to ₹948.60, Adani Total Gas saw a decline of 1.20% to ₹601.85, Adani Wilmar dropped by 1.20% to ₹344.45, and NDTV was down 0.14% to ₹213.20. However, it's important to note that these stocks did recover from their lower levels during the trading day.

The Adani Group had issued a statement rejecting the allegations even before the publication of the FT report. The FT report, titled "The mystery of Adani coal imports that quietly doubled in value," claimed that the Adani Group had imported coal worth billions of dollars at prices significantly above market rates, citing customs records.

According to FT's findings, Adani used offshore intermediaries in Taiwan, Dubai, and Singapore for importing coal, and these intermediaries helped bring in $5 billion worth of coal at prices that often exceeded double the market price. One of these offshore companies is reportedly owned by a Taiwanese businessman who was identified by FT as a substantial hidden shareholder in Adani companies.

FT's report also mentioned that, based on its examination of 30 shipments of coal from Indonesia to India by an Adani company over a 32-month period between 2019 and 2021, the import prices consistently exceeded those in corresponding export declarations. Moreover, during transit, the value of these shipments allegedly increased by over $70 million without a clear explanation.

As of now, the Adani Group has not yet responded to these new allegations. In the statement issued earlier, the group had accused the Financial Times and its collaborators of trying to revive old and baseless allegations to tarnish the group's reputation. The group suggested that these efforts were aimed at advancing vested interests under the guise of public interest.

Furthermore, the group accused the Financial Times of being part of a relentless campaign, citing a previous false narrative that emerged on August 31, 2023, which was also purportedly aimed at destabilizing the Adani Group. The group also alleged that FT's story was based on the Directorate of Revenue Intelligence's (DRI) General Alert Circular No. 11/2016/CI dated March 30, 2016. The group emphasized that the circular mentioned around 40 importers, including the Adani Group, and questioned why the focus was solely on their activities while other significant players in India's power generation sector were also mentioned in the DRI circular.