MUMBAI: New allegations over governance issues at India’s Adani Group put the brakes on a recovery in the conglomerate’s market value from carnage in the wake of US-based short-seller Hindenburg Research’s report earlier this year.
Adani-related stocks plunged Thursday after an investigation raised questions about the group’s ownership structure and trades by certain entities associated with its founders. The ports-to-power conglomerate denied the allegations, saying they are based on decade-old cases for which investigations have already been completed.
