Hindenburg shorts India's Adani Group, flags debt and accounting concerns
Hindenburg, which has short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments, said key listed companies in the group had "substantial debt" which has put the entire group on a "precarious financial footing".
It also said that seven Adani listed companies have an 85% downside on a fundamental basis due to what it called "sky-high valuations". Adani Group's Chief Financial Officer, Jugeshinder Singh, said in a statement that the company was shocked by the report, calling it a "malicious combination of selective misinformation and stale, baseless and discredited allegations."
"The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming follow-on Public Offering from Adani Enterprises," it added.Hindenburg said its report was based on an investigation over two years that involved speaking with dozens of individuals, including former Adani Group executives as well as a review of documents.
India's capital markets regulator, the Securities and Exchange Board of India, did not immediately respond to a request for comment.on Jan. 21 "Nobody has raised debt concerns to us. No single investor has."fell 7.3% to their lowest level since early July. Adani Enterprises dropped 3.7% to a near three-month low.
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