Adani Group Under Fire: Short-Sellers Report Triggers Stock Price Crash
Indian conglomerate Adani Group's stock prices have plummeted after a short-sellers report accused the company of market manipulation and fraud.
The allegations, made by Hindenburg Research in a report released on January 24, 2023, have sent shockwaves through the Indian stock market and raised concerns about the company's financial stability.
According to the report, Adani Group has engaged in a "brazen stock manipulation and accounting fraud scheme over the course of decades."
The report alleges that the company has used shell companies and offshore entities to inflate its revenue and assets, and that its financial statements are "materially misleading."
Adani Group has denied the allegations, calling them "baseless" and "malicious."
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