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Exploring the twist in the Adani vs Hindenburg saga involving Kotak Mahindra Bank's subsidiary short-selling Adani shares, revealing accusations, responses, and the impact on the controversy
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Quick takeaways
- Adani group's wealth dropped significantly due to accusations of stock manipulation and accounting fraud by Hindenburg Research.
- Hindenburg Research raised concerns about SEBI concealing Kotak Mahindra Bank's involvement in short-selling Adani shares through Kingdon Capital Management.
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Adani vs. Hindenburg Row and Market Impact
Hindenburg Research's report accusing the Adani group of stock price manipulation and accounting fraud had a significant impact, causing Adani's wealth to drop by over $80 billion in a month and his conglomerate to lose over $150 billion in market value. The allegations led to a show cause notice from Sebi to Hindenburg for spreading misleading information and a claim that Sebi was covering up Kotak Mahindra Bank's involvement in short-selling Adani shares.
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