Adani Group exploring legal action against malicious report by Hindenburg Research, shares slumps

Adani bonds and shares slumped after Hindenburg, an investment research firm that specializes in short-selling, made major allegations of purported corporate malpractice following what it said was a two-year investigation into Adani's companies.

Adani Group said it's exploring legal action against Hindenburg Research after its report accused Gautam Adani of "brazen" market manipulation and accounting fraud.

Jatin Jalundhwala, Group Head - Legal, Adani Group said in a statement that "We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research,"

Bonds and shares of Adani-related entities plunged after Hindenburg, an investment research firm that specializes in short-selling, made wide-ranging allegations of purported corporate malpractice following what it said was a two-year investigation into Adani's companies.

"The maliciously mischievous, unresearched report published by Hindenburg Research on 24 Jan 2023 has adversely affected the Adani Group, our shareholders and investors," said Jalundhwala. "The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens."

Bain Capital affiliate sells stake in maritime logistics company JM Baxi to Hapag-Lloyd Bain Capital affiliate sells stake in maritime logistics company JM Baxi to Hapag-Lloyd.