Indian tycoon Gautam Adani's conglomerate has been pummelled by a stock rout and come under increasing scrutiny after U.S. short-seller Hindenburg Research issued a damaging report.
* Hindenburg accuses Adani Group of stock manipulation and improper use of offshore tax havens that obscure the extent of stock ownership of Adani family members in group firms. It also raises concerns about high debt and what it calls excessive valuations.
It says it holds short positions in Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments.* Adani Group calls the Hindenburg report "a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts".* Adani Group says it is evaluating "remedial and punitive action" against Hindenburg under U.S. and Indian laws.
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