India’s Adani Group says it’s exploring legal action against Hindenburg’s accusation

India’s Adani Group said it is exploring legal action against US investor Hindenburg Research after its report accused firms owned by billionaire Gautam Adani of “brazen market manipulation and accounting fraud.”

“We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research, Jatin Jalundhwala, Group Head — Legal, Adani Group said in a statement.

Bonds and shares of Adani-related entities slumped after Hindenburg, an investment research firm that specializes in short-selling, made wide-ranging allegations of purported corporate malpractice following what it said was a two-year investigation into Adani’s companies.

“The maliciously mischievous, unresearched report published by Hindenburg Research on January 24, 2023, has adversely affected the Adani Group, our shareholders and investors, said Jalundhwala.

“The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens.”