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Adani Group says it's exploring legal action against Hindenburg

Bonds and shares of Adani-related entities slumped after Hindenburg, an investment research firm that specializes in short-selling, made wide-ranging allegations of purported corporate malpractice following what it said was a two-year investigation into Adani’s companies.

January 26, 2023 / 01:56 PM IST
Adani Group

Adani Group

India’s Adani Group said it’s exploring legal action against US investor Hindenburg Research after its report accused firms owned by billionaire Gautam Adani of “brazen” market manipulation and accounting fraud.

“We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research,” Jatin Jalundhwala, Group Head - Legal, Adani Group said in a statement.

Also read: Explainer: Who is behind Hindenburg, the company that is shorting Adani?

Bonds and shares of Adani-related entities slumped after Hindenburg, an investment research firm that specializes in short-selling, made wide-ranging allegations of purported corporate malpractice following what it said was a two-year investigation into Adani’s companies.