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Social media has been tending with #Adani. Adani shares also fell rapidly. Billionaire industrialist Gautam Adani slipped to the 4th on the world’s richest list.
All these happened after Hindenburg Research, accused Adani of “pulling the largest con in corporate history”. Hindenburg Research claims that it specializes in forensic financial research.
The research titled, “Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History, “ alleged that 7 listed companies of Adani group “have 85% downside purely on a fundamental basis owing to sky-high valuations.”
Meanwhile, the Adani group said it is exploring legal options against Hindenburg Research. In a statement, Jatin Jalundhwala, Group Head - Legal, Adani Group said, “We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research.”
It should be noted that Hindenburg Research specializes in short selling. What exactly is short selling? What are the allegations of this report? What will Adani Group do next? Rutam Vora explains it to you.
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