Home » Adani Group: Indian stock market crash continues, $50bn up in smoke. Hindenburg fund doubles down on short position

Adani Group: Indian stock market crash continues, $50bn up in smoke. Hindenburg fund doubles down on short position

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The descent of the shares of all the companies continues Adani groupwho recorded three consecutive sessions of heavy losses, after thehedge fund americano Hindenburg announced that it has bet short on Indian conglomerate companies. Recall that earlier this week, Hindenburg released a lengthy report in which he detailed multiple allegations against the Indian billionaire’s companies, declaring that the group has been carrying out “blatant stock manipulation in an accounting fraud scheme” for decades. , so much so that it is defined by the short seller as “the biggest scam in corporate history“.

Stock market crash

The release of the report has unleashed a veritable storm on the conglomerate’s shares, with shares Adani Enterprises listed in Mumbai which fell by more than -22% only since the beginning of the week. Adani Transmission since the beginning of the week it has dropped by -27%, Adani Green Energy lost -22%, while Adani Power has lost the -9%.

As a result of these losses, the group Adani did not answer any of the questions raised within the investigation and in a statement he defined the allegations of Hindenburg as a “willful and reckless attempt by a foreign entity to mislead the investment community”. Furthermore, the Indian conglomerate added that it is “evaluating relevant provisions under US and Indian laws for corrective and punitive actions against Hidenburg Research.”

For its part, the American short seller vindicates and “fully supports” his report and adds that he “believes that any legal action brought against us would be baseless. Furthermore, the American hedge fund has warned the Adani group that it is in possession of a long list of documents that “would like to require an investigation in a trial”.

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In all of this Hindenburg has doubled his starting position against the Adani group, the extent of which is currently unknown.

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