Hindenburg Research said it held short positions in India’s Adani Group, accusing the conglomerate of improper use of offshore tax havens and flagging concerns about high debt that eroded $11bn in investor wealth on Wednesday.
The group, which is led by Gautam Adani, the world’s third richest person according to Forbes Magazine, dismissed the US short seller’s claims as baseless, saying it was timed to damage its reputation ahead of a large share offering.
