Hindenburg Research Says 'Loop Is Closed' On OCCRP's Report On Adani Group

Hindenburg Research has reacted to the OCCRP report released earlier today against the Adani Group. The U.S.-based short seller had made a similar accusation against the group earlier this year.

What Happened: On Thursday, Hindenburg Research tweeted about a report by the Financial Times and the Organised Crime and Corruption Reporting Project (OCCRP), indicating that offshore funds owning at least 13% of the free float in multiple Adani stocks were secretly controlled by associates of Vinod Adani. The claim suggests that the relationship was concealed using two sets of books.

The tweet comes in the wake of OCCRP’s allegations of significant investments in Adani Group’s publicly traded stocks through Mauritius-based funds. These funds, labelled as “opaque” by the OCCRP, are believed to mask the participation of business partners closely linked to the Adani family.

Why It Matters: The OCCRP report underlines a deep-rooted connection between the Adani family and investors Nasser Ali Shaban Ahli and Chang Chung-Ling, who have reportedly poured hundreds of millions into Adani Group stocks. The report’s revelations have resulted in a significant drop in Adani Group stocks, with all ten listed stocks in the red.

The Adani Group, however, has firmly denied these allegations, terming them as groundless and an attempt to revive the “meritless” Hindenburg report. The conglomerate suggests that these reports seem to be a calculated bid by George Soros-funded interests and a section of the foreign media to damage its reputation.

Read Next: Elon Musk’s Tesla To Face Challenger In India? JSW Group Said To Be Mulling Cheap EV