MUMBAI: Adani Group shares and bonds declined after potentially controversial owners of its stock were identified in a new investigation, dealing the Indian conglomerate a fresh blow after short-seller Hindenburg Research in January alleged the group engaged in corporate fraud and stock price manipulation.
All 10 listed Adani stocks retreated in Thursday trading and most of the group’s dollar bonds also fell. Shares of flagship Adani Enterprises Ltd dropped as much as 5.2% before paring losses.
