India’s Gautam Adani, Asia’s richest man, faces possibly the biggest challenge of his career after a U.S. short seller, Hindenburg accused Adani conglomerate of stock manipulation and accounting fraud.
Adani Group responded Hindenburg report with an over 400-page data, the group led by Gautam Adani called all the allegations “unsubstantiated” and “misleading”.
However, despite the response by Adani’s group, the investors remained apprehensive and Adani’s share price kept falling.
Reportedly, in an hostile takeover, Adani Group has bought majority stake at Hindenburg Research company. This is the second hostile takeover by Adani Group after it took over its another critic NDTV.
“After completing the formalities with SEBI and US’ Securities and Exchange Commission (SEC) we will take complete control of Hindenburg Research and the story will be deleted” told Adani Group CFO to The Fauxy.