India’s Adani hits back at new ‘stock manipulation’ report

AFP :
India’s Adani Group hit back Thursday at a new report investigating alleged manipulation of the conglomerate’s share prices, accusing its authors of conspiring to drive down its stocks for profit.

The globe-spanning ports-to-power conglomerate saw around $120 billion wiped from its market value after US short-seller investment firm Hindenburg Research accused it of “brazen” corporate fraud.

On Wednesday, the Organized Crime and Corruption Reporting Project (OCCRP) said it had uncovered financial documents backing Hindenburg’s claims that Adani had used offshore tax havens and related party transactions to drive up its share price.

The report said two men who had served as directors in Adani Group companies had spent years trading stock in the conglomerate “through offshore structures that obscured their involvement”.