Short-seller Hindenburg Research said it holds short positions in India's Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments, sending shares of companies in the Indian conglomerate sliding
The short-seller said seven Adani listed companies have an 85% downside on a fundamental basis due to sky-high valuations and that "key listed Adani companies have also taken on substantial debt" which has "put the entire group on precarious financial footing".The company has repeatedly dismissed debt concerns. Adani Chief Financial Officer Jugeshinder Singh told media on Jan. 21 "Nobody has raised debt concerns to us. No single investor has.
The group, which is controlled by world's third richest man Gautam Adani has long faced concerns about elevated debt and the Hindenburg report comes at a time when Adani Enterprises
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