India’s Richest Man Sees Company Shares Dip After OFAC Request On Iranian LPG Allegations

Shares of Adani Enterprises Ltd fell as much as 3.5% in Mumbai earlier this week before trimming losses, after the company disclosed that a US agency has sought information over alleged imports of Iranian petroleum products.

In a stock exchange filing, the flagship of the Adani Group said it received a request on Feb. 4 from the US Treasury Department’s Office of Foreign Assets Control (OFAC), according to Telegraph India and Bloomberg.

The outreach followed voluntary discussions the company initiated after a June 2025 Wall Street Journal report that claimed Adani-linked firms may have brought Iranian liquefied petroleum gas (LPG) into India, potentially exposing transactions to US sanctions risk.

The company said OFAC is conducting a civil inquiry into certain transactions routed through US financial institutions that may have involved, directly or indirectly, Iran or sanctioned parties. It emphasized that the communication “does not contain any findings of aberrations/non-compliances” and that it is “voluntarily engaging and fully co-operating” with the US authority.

The Journal had reported that US prosecutors were examining whether companies controlled by billionaire Gautam Adani imported Iranian LPG through Mundra port in Gujarat. It also said some tankers operating between Mundra and the Persian Gulf displayed characteristics experts associate with sanctions evasion. Purchases of Iranian oil and related products are restricted under US sanctions tied to Tehran’s nuclear programme.

At the time, the conglomerate described the allegations as “baseless and mischievous” and said it “categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG.” The group added that it does not handle cargo from Iran at its ports or manage vessels owned by Iranian entities.

Adani Enterprises said the matter has no financial impact. LPG contributed 1.46% of the company’s revenue and about 0.5% of overall group revenue in the fiscal year ended March 2025. It added that it halted all LPG imports from June 2, 2025, out of “abundant caution.”

The inquiry comes as the group continues to face scrutiny in the US, including a separate bribery probe and earlier allegations of stock manipulation and accounting irregularities by short seller Hindenburg Research in 2023, claims the conglomerate has denied.