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Adani Group Chairman Gautam Adani has accused US short-seller Hindenburg Research of engineering a report to make profits by impacting the conglomerate s share prices. Adani claimed that "vested interests" tried to exploit the claims made by Hindenburg, which resulted in several adverse consequences despite prompt and comprehensive rebuttals by the company. The short-selling incident wiped out $120bn of shareholder wealth, and Adani Enterprises had to pull a $2.7bn follow-on public offer days later. ....
Hindenburg Research put the spotlight on the Adani Group’s relationship with Adicorp, a small Gujarat-based firm. Now, another connection has surfaced. ....