Adani Group companies' stock prices dropped for a second consecutive trading session after Hindenburg announced its short position in the conglomerate's firms.
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.
Hindenburg doubled down on its initial stance, emphasizing that Adani has not answered any of the questions raised in its claims and suggests any lawsuits filed against it will be "meritless." Chairman and founder of the Adani Group, Gautam Adani, at the News18 Rising India Summit on Feb. 25, 2019, in New Delhi, India. Since becoming a billionaire in 2008, Adani is now one of the richest people in the world, with a $113 billion fortune, according to the Bloomberg Billionaires Index.
Adani rejected the claims in two separate statements, describing the short seller's claims as an "intentional and reckless attempt by a foreign entity to mislead the investor community and the general public," according to a media release. "We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hidenburg Research," said Adani Group's head of legal, Jatin Jalundhwala.
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