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.
