Shares of Adani Enterprises Ltd (AEL) were in the spotlight on Tuesday after the company strongly rejected a Wall Street Journal (WSJ) report alleging links between Adani entities and Iranian liquefied petroleum gas (LPG). AEL labeled the report as "baseless and mischievous," asserting it has no knowledge of any investigation by US authorities. “Adani categorically denies any deliberate involvement in sanctions evasion or trade of Iranian-origin LPG,” the company said in a statement. It emphasized that any claim suggesting the group knowingly violated U.S. sanctions is “false, defamatory, and intended to damage the Adani Group’s reputation.” The conglomerate added that it does not handle Iranian cargo at any of its ports—this includes shipments from Iran or vessels flying the Iranian flag. It also does not manage or facilitate any ships owned by Iranian entities.

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