India’s Adani Group, run by Asia’s richest man, has hit back at a report from U.S.-based short-seller Hindenburg Research, calling it “malicious”, “baseless” and full of “selective misinformation.”
Shares in the conglomerate have suffered massive losses since Hindenburg issued its report alleging fraud and other malfeasance. On Monday, shares in some Adani companies recovered some lost ground. The flagship company, Adani Enterprises, gained 3.2% and Adani Ports & Special Economic Zone Ltd. added 3.3%. But shares in other Adani listed companies fell between 5% to 20%.
