India's 360 ONE WAM falls after clarifying on funds used in Adani transactions

360 One Wam

31/08/2023 11:02

** Shares of 360 ONE WAM Ltd  ONEW.NS , formerly known as
IIFL Wealth Management, fall as much as 4.5% to 482.50 rupees,
biggest intraday pct fall since June 23
     ** Wealth and asset manager says its unit 360 ONE Asset
Management (Mauritius) is investment manager for Emerging India
Focus Fund and EM Resurgent Fund
    ** Both funds cited by Organised Crime and Corruption
Reporting Project (OCCRP) as "opaque" Mauritius funds used to
invest in Adani Group stocks
    ** ONEW says the all of the funds' investments in shares of
Adani Group companies sold in 2018
    ** These funds, as on date, have zero investments in any of
the Adani Group shares - ONEW
    ** Shares, which fell to their lowest since July 10, trim
YTD gains to 9.8%

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))