(Wednesday) Adani Group, based in India, denounced claims made by U.S.-based short-seller Hindenburg Research as "baseless" and "malicious" in a statement.
On Tuesday, Hindenburg Research accused the Adani Group of "stock manipulation" and "accounting fraud". The U.S.-based company quickly took a short position on the Adani Group's stock with "non-indian-traded" derivatives.
In past years, shares of Adani's companies have increased significantly in value, making him Asia's richest man.
Hindenburg founder Nate Anderson has a history of accusing large companies of fraud, best known for accusing EV company Nikola of fraud.
[this is an ongoing report]
by Ryan Griffin