Abu Dhabi conglomerate International Holding Company (IHC) on Thursday said it will sell its stake in two of India’s Adani Group companies, a move that comes as billionaire Gautam Adani’s business continues its battle against fraud allegations.
Overseas investors such as the IHC have backed Adani in the face of allegations raised by US short seller Hindenburg Research in January that the apples-to-airports conglomerate engaged in stock manipulation and had amassed significantly high debt.
The Adani Group has denied all allegations and the Indian markets regulator is investigating the matter under orders of India’s Supreme Court.
