India’s Adani Group is in the news again after short seller Hindenburg Research released a report accusing the company of corporate fraud. In response, Adani Group issued a statement saying they are evaluating action against Hindenburg Research.
The report caused Adani’s US Dollar bonds to fall, and Hindenburg’s founder, Nate Anderson, accused billionaire Gautam Adani of committing “the largest con in corporate history”.
This is not the first time Adani Group has been targeted by short sellers. In the past, short seller Muddy Waters also accused the company of fraud.
The Adani Group has vehemently denied all the accusations, calling them “baseless and malicious”. They have also accused Hindenburg Research of being “motivated by financial gain” and of “spreading false and defamatory information”.
The story is still developing, but it is clear that Adani Group is under fire from short sellers. It remains to be seen what action they will take against Hindenburg Research.