Adani Ports denies money laundering report; shares slide

MUMBAI, March 9 Fri Mar 9, 2012 3:02pm IST

Stocks

   

MUMBAI, March 9 (Reuters) - India's Adani Ports and Special Economic Zone Ltd on Friday denied a media report that said it was being investigated for possible money laundering.

Shares in Adani group companies fell after a Bloomberg report, citing three unnamed people familiar with the matter, said the ports unit had failed to win security clearances to expand because it was being probed by the Indian government for possible money laundering.

An external spokeswoman representing the group said Adani Ports was not under government probe and there was no money laundering at the company.

Adani Port shares were down 8.78 percent at 132.5 rupees each. (Reporting by Tony Munroe and Abhishek Vishnoi; Editing by Aradhana Aravindan)

Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

OBAMA'S VISIT