Adani Group companies’ stock prices dropped for a second consecutive trading session after Hindenburg announced its short position in the conglomerate’s firms.
Shares of Adani Group companies continued to see sharp losses for a second consecutive trading session in India, after short seller firm Hindenburg announced its short position in the conglomerate’s firms earlier this week.
In a lengthy report released earlier this week, Hindenburg detailed multiple allegations against the conglomerate’s companies, saying the group has “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.”
Adani rejected the claims in two separate statements, describing the short seller’s claims as an “intentional and reckless attempt by a foreign entity to mislead the investor community and the general public,” according to a media release.
“We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hidenburg Research,” said Adani Group’s head of legal, Jatin Jalundhwala.
Mumbai-listed shares of Adani Enterprises fell more than 9% in India’s trading session on Friday.
