India’s markets regulator has alleged Hindenburg Research’s report on Indian billionaire Gautam Adani “indulged in unfair trade practices” and said the short seller worked with a New York hedge fund to make its bet.
The Securities and Exchange Board of India said in a “show cause” notice dated June 26 that Hindenburg Research “deliberately sensationalised and distorted certain facts”. A show-cause order is often a precursor to formal legal action.
Hindenburg, which published the notice on its website, called the allegations “an attempt to silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India”.
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