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Adani Group

Adani shares drop as Hindenburg bets against Indian conglomerate

Group dismisses report by short-seller as 'baseless'

Shares in Adani Group companies have been hit by a Hindenburg Research report.   © Reuters

BENGALURU -- Shares in companies that are part of India's Adani Group slid on Wednesday after short-seller Hindenburg Research issued a report targeting the sprawling conglomerate.

Hindenburg said it had taken short positions in Adani companies through U.S.-traded bonds and "non-Indian-traded derivative instruments," as well as making a range of claims about the group, including alleging the improper use of entities set up in offshore tax havens.

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