Adani Group Shares Drop on Hindenburg Report

Shares of Adani Group companies fell on Monday after a new report from US short-seller Hindenburg accused the chairman of India's capital markets regulator of being "complicit" in a "brazen stock manipulation and accounting fraud scheme" at the conglomerate.

The report, which was published on the Hindenburg website, alleges that Adani Group has engaged in "a pattern of accounting fraud, stock manipulation, and money laundering" for decades. The report also accuses the group of using shell companies and offshore entities to hide its true financial position and inflate its stock prices.

The allegations have been denied by Adani Group, which called them "malicious", "baseless" and "a calculated attack on India." The group said that it was considering legal action against Hindenburg.

The Securities and Exchange Board of India (SEBI) said that it was "looking into" the allegations made by Hindenburg.

The allegations against Adani Group have raised concerns about the corporate governance practices of Indian companies and the effectiveness of the country's regulatory framework.

The Adani Group is one of India's largest conglomerates, with interests in a wide range of industries, including energy, infrastructure, and financial services.