Shares of Adani Enterprises Ltd (AEL), Adani Ports and Special Economic Zone (APSEZ), and other Adani Group companies fell after a Wall Street Journal article alleged links between Adani entities and shipments of Iranian liquefied petroleum gas (LPG). The Adani Group strongly denied these claims, calling them "baseless and mischievous," and said they have no knowledge of any US investigation.
By 9:41 am, both Adani Ports and Adani Enterprises were down about 1.5% on the NSE Nifty50, with other group companies also showing slight declines.
The group issued a detailed statement denying any deliberate involvement in evading sanctions or trading Iranian-origin LPG. They said their ports do not handle Iranian cargo, and their LPG business is a small part of their overall revenue—just 1.46% of consolidated revenue for FY2025.
Adani said all LPG transactions comply fully with domestic and international laws, including US sanctions. Their LPG is sourced from vetted suppliers after thorough due diligence and KYC checks to ensure no dealings with entities listed by the US Office of Foreign Assets Control (OFAC).
They also stated that LPG shipments are managed by third-party suppliers and logistics firms operating under global compliance standards, and Adani does not directly manage shipments.
Regarding the specific shipment mentioned by the WSJ, Adani said it was a normal commercial transaction originating from Sohar, Oman, handled by third parties. The group denied owning or operating the vessels cited in the report, such as SMS Bros or Neel, and said they cannot comment on those vessels’ operations.
The statement concluded by affirming that Adani Group has met all obligations expected of a legitimate importer.
