Hindenburg's three big allegations against the Adani group

The US-based investment firm says it holds short positions in the conglomerate.

Hindenburg Research has accused the Adani group of stock manipulation, accounting irregularities and misappropriation of funds. All nine group stocks listed on the stock exchanges are trading in the red, after the US-based activist investment firm published its report on Wednesday.

Hindenburg says the group’s listed companies had “substantial debt”, putting it on a “precarious financial footing”. The firm disclosed that it holds short positions in the group through “US-traded bonds and non-Indian-traded derivative instruments”. 

“Even if you ignore the findings of our investigation,” says the report, the group’s “key listed companies have 85 per cent downside purely on a …


Advait Palepu

Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.