Stock in companies run by world's third-wealthiest billionaire slump after short-seller report

U.S. short seller Hindenburg Research has accused Indian conglomerate Adani Group of “brazen stock manipulation and accounting fraud” in a scathing report that pressured shares of affiliated companies.

Shares... U.S. short seller Hindenburg Research has accused Indian conglomerate Adani Group of “brazen stock manipulation and accounting fraud” in a scathing report that pressured shares of affiliated companies. Shares in Adani’s flagship company, Mumbai-listed Adani Enterprises 512599 , which is the country’s biggest port operator, fell 2%, though steeper drops were seen for other companies held by the company, with Adani Power 533096 losing 5% and Adani Green Energy 541450 falling 3%.Hindenburg, an activist short seller that famously alleged that Nikola NKLA demonstrated a truck by rolling it downhill, disclosed it had taken a short position in Adani Group through U.S.

The Hindenburg report alleges a wide network of offshore shell entities, controlled by the Adani family, which were used to escape a 75% limit on control. Hindenburg also alleges the offshore shell companies send money to onshore private companies when then send them onto the publicly traded companies.

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