Hindenburg widens its attack on Adani

Hindenburg’s original report argued that the Adani Group had used obscure offshore funds to prop up its value, and that its finances were more fragile than they seemed. The company denied the claims, but in the immediate aftermath the share prices of its various underlying companies plummeted. Since then, they have largely, though not entirely, recovered. An investigation by SEBI has announced no evidence of wrongdoing by the Adani Group; Hindenburg, though, has been told that it is being investigated for trading on non-public information contained in its own report (an accusation that the short-seller dismisses as “nonsense”).