Adani Group Shares Slip Amid US Probe Over Suspected Iran LPG Imports

Shares of Adani Group companies declined on Tuesday after a Wall Street Journal (WSJ) report revealed a U.S. investigation into potential violations of Iran sanctions. U.S. prosecutors are reportedly examining whether tankers linked to the conglomerate transported Iranian liquefied petroleum gas (LPG) to India’s Mundra port, operated by Adani, possibly breaching international sanctions.

According to WSJ, the U.S. Attorney’s Office in Brooklyn is investigating vessels connected to Adani Enterprises that may have obscured their movements using methods like tampering with the ship’s automatic identification system (AIS). Maritime analysts say these tactics are commonly linked to sanctions evasion, particularly in the Persian Gulf region.

Adani strongly denied the allegations, stating it has not engaged in any sanctioned trade activity. “Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG,” a spokesperson said. The group also stated it is unaware of any ongoing U.S. probe.

Despite the denial, Adani Enterprises shares dipped 1.1%, while Adani Ports lost 1.4%. Adani Total Gas, Adani Power, Adani Green Energy, and Adani Energy Solutions fell between 0.6% and 1.6%.

The news arrives at a sensitive moment for the group, which has been rebuilding investor trust after facing scrutiny from a short-seller report last year. The investigation coincides with former U.S. President Donald Trump’s renewed focus on strict enforcement of sanctions against Iran. In May, Trump warned that any entity purchasing Iranian oil or petrochemicals would face secondary sanctions and be barred from doing business with the U.S.

Year-to-date, Adani Ports has gained 16%, while Adani Total Gas is down 11%, reflecting divergent investor sentiment across the group’s portfolio.