Hindenburg or Adani Group on which side does it goes?

Indian billionaire Gautam Adani lost $6 billion, after activist investment firm Hindenburg Research published a scathing 100 page report on Adani and his group, alleging massive fraud and stock manipulation. Hindenburg, which disclosed a short position against Adani Group companies, accused Adani of “pulling the largest con in corporate history.”

Adani group stocks took a beating for a second straight session on Friday, falling up to 20 per cent and losing over ₹ 4.17 lakh crore from the combined market valuation of listed firms after the US-based investment research firm Hindenburg Research made damaging allegations.

Adani may take legal action against Hindenburg for 'mischievous' report?

After a report by American short-seller Hindenburg Research left Adani Group investors poorer by Rs 1 lakh crore in 1 day, the conglomerate today said it is evaluating legal action.

"We are evaluating the relevant provisions under the US and Indian laws for remedial and punitive action against Hindenburg Research," Adani Group's legal head Jatin Jalundhwala said in a statement.

The Adani Group’s legal head, Jatin Jalundhwala, in a statement, said the report was an “intentional and reckless attempt by a foreign entity” to mislead the investor community and the general public.

While making several allegations around accounting practices, stock manipulation and other corporate governance practices, Hindenburg also said they have a short position in Adani Group companies through US-traded bonds and non-Indian-traded derivative instruments.

For Hindenburg Research, Adani Group is a man-made disaster in the making.

On other hand:

Hindenburg welcomes Adani Group’s legal ‘threat’

“We fully stand by our report and believe any legal action taken against us would be meritless,” Hindenburg Research said.

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“Today we reveal the findings of our 2-year investigation, presenting evidence that the... Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades,” Hindenburg Research said in its report published on its website on January 24.

Indian economy after all this ??

When the Adani Group mobilized to defend itself against accusations — leveled by US-based short sellers Hindenburg Research — that it had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades,” the choice of décor was more persuasive than the denial. Chief Financial Officer Jugeshinder Singh stood in front of a giant Indian flag that made him look more like a government official than an embattled company executive. The message was clear: If you (a “foreign entity,” in the company’s words) come after Adani, you’re coming after India.

Adani shares plunge further as it weighs legal action against short seller firm

Adani Group companies' stock prices continued to drop for a second consecutive trading session after short seller firm 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."