BENGALURU, India: Hindenburg Research said on Wednesday (Jan 25) it held short positions in Adani Group, accusing the Indian conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels. The group, which is led by Gautam Adani, the world's t
BENGALURU, India: Hindenburg Research said on Wednesday it held short positions in Adani Group, accusing the Indian conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels.
Hindenburg, which has short positions in Adani companies through US-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". "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.
In the wake of the Hindenburg report, shares in Adani Ports And Special Economic Zone fell 7.3 per cent to their lowest level since early July. Adani Enterprises dropped 3.7 per cent to a near three-month low. Adani Group's total gross debt in the financial year ending March 31, 2022, rose 40 per cent to 2.2 trillion rupees.
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