Hindenburg report, Adani shares down by 20%

In a financial report by Hindenburg, a US-based investment research firm that specialises in activist short-selling, said on Wednesday that its two-year investigation revealed that Adani Group has “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.

This report causes major dent in the Adani group companies shares which fell around 20% toady giving the setback to the company.

In the report it is mentioned that stocks of Adani company are overvalued and actual figures are much different from the present one.

Hidenberg’s damaging allegations puts Adani company in the peculiar situation.Company is evaluating the situation and will go legal as per the US and Indian laws.