Hindenburg alleges ‘brazen’ fraud by Adani; company calls it ‘malicious’
Well-known US activist investor Hindenburg Research has alleged that Adani Group was “engaged in a brazen stock manipulation and accounting fraud”, a charge the conglomerate described as malicious, unsubstantiated, one-sided, and having done with malafide intention to ruin its share-sale.
Hindenburg, a US-based investment research firm that specialises in activist short-selling, said its two-year investigation reveals that “the Rs 17.8 trillion Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.”
The report comes ahead of a Rs 20,000 crore follow-on share sale of Adani Group’s flagship Adani Enterprises. Group representatives said a statement in response would be issued later.
