India’s Adani Group says evaluating action against Hindenburg Research

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Reuters

BENGALURU (Reuters) -Adani Group said on Thursday it is evaluating “remedial and punitive action” under U.S. and Indian laws against short-seller Hindenburg Research, which in a report accused the conglomerate of improper use of offshore tax havens. Shares in seven listed group companies of Adani lost $10.73 billion in market capitalisation in India on Wednesday after Hindenburg released the report, which also said it held short positions in the conglomerate through its U.S.-traded bonds and non-Indian-traded derivative instruments. Adani’s U.S. bonds also fell. In a statement to Indian exchan…

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