India’s Adani Group is considering independent evaluation of issues relating to legal compliance, related party transactions and internal controls following a U.S. short-seller’s critical report on its businesses, disclosures showed on Tuesday.
The group, led by billionaire Gautam Adani, has been roiled by days of market turmoil after Hindenburg Research on Jan. 24 alleged it had engaged in stock manipulation and used tax havens. It also said the group had unsustainable debt.
Adani Group has denied the allegations, saying it complies with all laws and has made necessary disclosures over time. Nonetheless, investors dumped its shares as concerns of financial contagion grew.
