NEW DELHI: The magnitude of the plunge in stocks tied to Indian billionaire Gautam Adani is rivaled by only a handful of short-seller campaigns in history.
Chief among them are Enron Corp and Wirecard AG, whose collapses were spurred by activist short-sellers who found flaws in their corporate governance. Hindenburg Research has now targeted Adani’s group of companies, saying it’s shorting Adani’s US-traded bonds and non-Indian-traded derivatives after accusing the group of fraud. It said its report relates solely to the valuation of securities traded outside of India.
