Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge

The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, on April 13, 2021.BENGALURU - Hindenburg Research said it held short positions in India's Adani Group, accusing the conglomerate of improper use of offshore tax havens and flagging concerns about high debt that eroded $11 billion in investor wealth on Wednesday .

Its scathing research report questioned how the Adani Group has used offshore entities in offshore tax havens like Mauritius and the Caribbean Islands, adding that certain offshore funds and shell companies tied to the Adani Group "surreptitiously" own stock in Adani listed firms. "The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming follow-on Public Offering from Adani Enterprises," it added.

The research report, Hindenburg said, was based on an investigation over two years that involved speaking with dozens of individuals, including former Adani Group executives as well as a review of documents.

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Hindenburg shorts India's Adani Group, cites debt, accounting concernsBENGALURU, India: Hindenburg Research said on Wednesday (Jan 25) it held short positions in Adani Group, accusing the Indian conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels. The group, which is led by Gautam Adani, the world's t
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