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Adani stocks recover after losing $19 bn amid Hindenburg's fresh allegations

VCCircle · 10m

Adani Group's stocks suffered a $19 billion loss in market value following allegations made by Hindenburg Research. The short-selling firm accused the head of India's market regulator of having links to offshore funds used by Adani. Adani's stocks partially recovered later in the day. This is not the first time Hindenburg has targeted Adani Group with allegations of improper use of tax havens. Despite the losses, Adani's stocks have generally regained value since Hindenburg's initial report in January 2023. Adani has denied all the allegations made against it.