US-based Hindenburg Research accuses Adani Group of share rigging, fraud

Adani group questions report's timing, calls it malicious; shares sink

A US-based investment research firm, Hindenburg Research, alleged on Wednesday that the Adani group had engaged in “a brazen stock manipulation and accounting fraud scheme”. It also accused the conglomerate of improper use of offshore tax havens, and flagged concerns about the group’s high debt.
 

Shares of Adani group companies lost Rs 85,761 crore in market value after Hindenburg issued the report and said it had taken short positions in the group’s stocks.

The Adani group dismissed the report, calling it a “malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by