*SHARES OF INDIA'S ADANI GROUP PLUNGE FURTHER AS HINDENBURG ROW HEATS UP 🇮🇳🇮🇳
The conglomerate denied the allegations of fraud and market manipulation raised by the Hindenburg report, and said it was considering legal action against the short seller, calling the report"maliciously mischievous, and unresearched” in a statement released to Indian exchanges.
Hindenburg in turn said it welcomed the threat of legal action, inviting the conglomerate to file suit in the U.S. “We have a long list of documents we would demand in a legal discovery process,” Hindenburg said in a statement posted on Twitter. The 106-page report called Adani the “largest corporate con in corporate history,” and raised concerns over the conglomerate’s highly leveraged debt position, which it saidThe report also accused Adani of fraud and stock market manipulation, and claimed that Indian regulators were complicit in the fraud.
Adani Group’s shares had plummeted on Wednesday after the release of the report, with the firm’s U.S.-listed bonds also declining. Hindenburg said it had no direct exposure to Adani shares, and had taken a short position in the firm through its U.S. bonds and other derivatives.Selling spilled over to broader Indian markets, with both the
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