Adani Group says it's exploring 'remedial and punitive' legal action against a short-seller who accused it of market manipulation and fraud
Hindenburg's allegations, and called the report"maliciously mischievous" and"unresearched."
But this did not stem the damage from the New York-based short-seller's report, which sent shockwaves across the market, causing listed Adani Group companies to lose a collective $12 billion in market value on Wednesday, perJalundhwala further said the resulting volatility in the Indian stock markets"is of great concern and has led to unwanted anguish for Indian citizens."
The Adani Group said Hindenburg — which holds short positions against the conglomerate's companies — stands to"benefit from a slide in their share prices." "We are deeply disturbed by this intentional and reckless attempt by a foreign entity to mislead the investor community and the general public," Jalundhwala added.
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