Adani shares fall after Hindenburg Research says it holds short positions in Adani Group stocks; flag risk

Adani shares fall after Hindenburg Research says it holds short positions in Adani Group stocks; flag risks

The share price of Adani Power dropped by more than 4%, while Adani Transmission lost roughly 2.6% as well.

Adani Port lost more than 6% during the first hours of the Mumbai trading session as Adani stocks declined

Hindenburg stated that it had taken a short position in Adani Group companie

"through non-Indian-traded derivative instruments and U.S.-traded bonds."

A request for clarification was sent to an Adani Group spokesperson, who did not immediately respond.

Adani, whose net worth is approximately $118 billion and places him as Asia's richest person, according to Bloomberg,

moves forward with a fundraising campaign to support the rapid expansion of his existing fossil fuel, green energy, and industrial businesses.

Hindenburg's report, which was released on Wednesday morning ahead of Mumbai's market opening

declares, "even if you ignore the findings of our investigation."

Due to sky-high valuations, [Adani Group's] key listed companies have an 85% fundamental downside.