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Hindenburg says holds short positions in India's Adani, flags risks

The seven listed companies of the Adani group, which is controlled by world's third richest man Gautam Adani, have an 85% downside on a fundamental basis due to sky-high valuations, Hindenburg said in the report.

January 27, 2023 / 09:38 AM IST
Adani Group

Adani Group

 
 
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Short-seller Hindenburg Research said on Wednesday it holds short positions in India's Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments.

The seven listed companies of the Adani group, which is controlled by world's third richest man Gautam Adani, have an 85% downside on a fundamental basis due to sky-high valuations, Hindenburg said in the report.

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"Key listed Adani companies have also taken on substantial debt, including pledging shares of their inflated stock for loans, putting the entire group on precarious financial footing," Hindenburg said.