Indian conglomerate Adani Group has hit back at a report by short seller Hindenburg Research that accused them of creating a false market in 2021. The company has denied the accusations and said that it has made all necessary disclosures.
The report has caused a stir in the Indian market, leading to a sharp fall in share prices. Adani Group is now seeking to raise $2.5 billion through a share sale to help finance their projects.
Nate Anderson, a short seller, has also gone after Adani Group and has accused them of securities fraud. Bloomberg reported that Anderson has opened a Pandora’s Box with his accusations.
Adani Group has denied the accusations and said that the report by Hindenburg Research is “calculated securities fraud”. They further added that they have been transparent in their disclosures and have followed all necessary regulations.
The Indian market is closely watching the developments as the Adani Group share sale faces a crucial day.
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