It names two individual investors who allegedly bought and sold the stocks on the group’s behalf.
The Adani Group rejected the claims, calling them “meritless”.
The Adani Group rejected the claims, calling them “meritless”.
The Adani Group operates across a wide range of sectors, including commodities trading, airports, utilities, ports and renewable energy, in India and other countries. It is led by billionaire Gautam Adani, who is currently at No. 24 on the Forbes real-time billionaires list.
Mr Adani is perceived as being close to Indian Prime Minister Narendra Modi and has long faced allegations from opposition politicians that he has benefited from his political ties, which he denies.
The businessman was plunged into a major scandal earlier this year after Hindenburg Research – a US-based short seller – accused his group of “brazen” stock manipulation and accounting fraud. Hindenburg had also alleged that the group was using overseas entities and shell companies to invest money into its own stocks, hence driving up share prices.
The group denied the claims, calling them “malicious”, but its shares lost billions in market value and it had to call off a proposed share sale. A panel appointed by India’s Supreme Court is currently supervising an investigation by the country’s market regulator into the allegations.
The Adani Group rejected the claims, calling them “meritless”.
It names two individual investors who allegedly bought and sold the stocks on the group’s behalf.
The Adani Group operates across a wide range of sectors, including commodities trading, airports, utilities, ports and renewable energy, in India and other countries. It is led by billionaire Gautam Adani, who is currently at No. 24 on the Forbes real-time billionaires list.
The Adani Group rejected the claims, calling them “meritless”.
The Adani Group rejected the claims, calling them “meritless”.
The Adani Group operates across a wide range of sectors, including commodities trading, airports, utilities, ports and renewable energy, in India and other countries. It is led by billionaire Gautam Adani, who is currently at No. 24 on the Forbes real-time billionaires list.
Mr Adani is perceived as being close to Indian Prime Minister Narendra Modi and has long faced allegations from opposition politicians that he has benefited from his political ties, which he denies.
The businessman was plunged into a major scandal earlier this year after Hindenburg Research – a US-based short seller – accused his group of “brazen” stock manipulation and accounting fraud. Hindenburg had also alleged that the group was using overseas entities and shell companies to invest money into its own stocks, hence driving up share prices.
The group denied the claims, calling them “malicious”, but its shares lost billions in market value and it had to call off a proposed share sale. A panel appointed by India’s Supreme Court is currently supervising an investigation by the country’s market regulator into the allegations.
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