‘Finally the loop is closed..,’ Hindenburg reacts to fresh claims of ‘opaque’ Mauritius funds against Adani group

livemint.com:

Catch all Adani News LIVE Updates “Finally, the loop is closed. The Financial Times and OCCRP report that offshore funds owning at least 13% of the free float in multiple Adani stocks were secretly controlled by associates of Vinod Adani, masking the relationship with 2 sets of books," tweeted Hindenburg Research in response to the OCCRP report. Notably, Hindenburg has highlighted the stock manipulation by the Adani Group.

But the latest report of OCCRP, validates the claims maid by the Hindenburg report and also shed lights upon the group's associates who have emerged as the major investors in Adani group companies. The OCCRP report identifies Adani’s close allies Chang Chung-Ling and Nasser Ali Shaban Ahli as two of the most significant investors in the broader scheme outlined by Hindenburg, reported Financial Times. The international business daily also reported that this is for the first time that potentially controversial owners of Adani stock have been identified since the release of Hindenburg report.

The American short-seller had accused Adani group of running the “largest con in corporate history". The company has denied the claims made by the non-profit organisation, OCCRP. It has called the allegations as a rehash of previous claims made by Hindenburg report.

Despite company's clarification, the company shares witnessed sell off pressure during early morning deals. All Adani stocks were trading in the red zone during the early trade on Thursday. The alleged offshore enterprise of the Adani associates hints towards a possible breach of Indian market rules that prevent stock manipulation and regulate public shareholdings of companies.