Adani accused of selling low-grade coal as high-grade: The company called the allegations false, shares first fell and then recovered and closed.

Adani Group has termed as “false and baseless” the allegations made in the Financial Times report that Adani Group bought low-grade coal and sold it at higher prices by passing it off as high grade. After this statement of Adani Group, there was recovery in its shares. Shares of the group’s flagship company Adani Enterprises closed at Rs 3,137 with a rise of 0.63%. It had come down to Rs 3,073 in the day’s trading. Adani Port fell 0.53% and closed at Rs 1,378. During trading it had come up to Rs 1,364. Coal worth $28 per tonne was sold for $92. The Financial Times, citing a report by the Organized Crime and Corruption Reporting Project (OCCRP), had claimed that in January 2014, Adani Group had bought coal from an Indonesian company at an alleged price of $28 per tonne. But had purchased ‘low-grade’ coal. The report alleges that this shipment was sold to Tamil Nadu Generation and Distribution Company (TANGEDCO) as high quality coal at an average price of $91.91 per tonne. Adani Group had earlier also been accused of rigging in the coal import bill… TNEB was formed on July 1, 1957. Tamil Nadu Electricity Board (TNEB) was formed on July 1, 1957 under section of the Electricity (Supply) Act 1948. 54 for Power Generation, Transmission, and Distribution in the State of Tamil Nadu. Then the electricity network was extended to all the villages of the state. TNEB was restructured into TNEB Limited, Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), and Tamil Nadu Transmission Corporation Limited (TANTRANSCO) on 1.11.2010.

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