Index provider MSCI said on Thursday it had determined that some Adani securities should no longer be designated as free float after market participants raised concerns about the eligibility of the Indian conglomerate's companies for some of its indexes.
The group led by billionaire Gautam Adani has been engulfed in crisis since U.S. short-seller Hindenburg Research published a report on Jan. 24 accusing the conglomerate of improper use of offshore tax havens and stock manipulation. It also raised concern about high levels of debt and what it said were excessive valuations.
In response to the MSCI statement, Hindenburg founder Nathan Anderson wrote on Twitter: "We view this as validation of our findings". The Adani Group has denied the allegations, saying the short-seller's narrative of stock manipulation has "no basis" and stems from an ignorance of Indian law. The report and its aftermath wiped out $110 billion off Adani's seven main listed stocks in slightly more than a week, and its flagship Adani EnterprisesSome of the companies' shares have since regained some ground.
Hindenburg has said it had taken short positions in Adani's U.S.-traded bonds and non-Indian traded derivatives.Our Standards:
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