A short-seller’s report raises uncomfortable questions for India’s policymakers, too
. Hindenburg alleged that Adani is a giant con. Adani countered that the charges are baseless and, moreover, count as an attack on India itself.
The allegations are startling. Hindenburg claims that offshore shareholding entities based in Mauritius and elsewhere are not independent shareholders but are instead fronts for the Adani family. These entities, it alleged, accounted for much of the trading in the group’s shares and pumped up the prices of Adani’s seven listed companies to stratospheric levels. The short-seller further claims that Adani uses offshore vehicles to hide losses and to launder money through Adani’s listed companies.
Verifying the more startling charges in Hindenburg’s report is no straightforward matter. They may ultimately be settled by legal action outside India.
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