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Hindenburg Research has accused SEBI Chief Madhabi Puri Buch of having stakes in offshore funds linked to the Adani Group, raising concerns about SEBI's impartiality. Buch has refuted the claims, but the controversy has sparked debate.

Adani, SEBI, and Hindenburg: The Battle Over Allegations Explained

Hindenburg Research has accused SEBI Chief Madhabi Puri Buch of having stakes in offshore funds linked to the Adani Group, raising concerns about SEBI's impartiality. Buch has refuted the claims, but the controversy has sparked debate.

"Something big soon India" --
this tweet by US-based short seller firm Hindenburg Research on August 10th set the cats among pigeons, making many wonder who was in the bull's eye this time.
The last time the American short seller targeted India in January 2023, it had trained its guns at Adani Group, one of India's leading business conglomerates. Their latest announcement left many guessing which business house would be targeted this time.
But Hindenburg Research surprised everyone with its latest target, coming after Madhabi Puri Buch, the chief of India's market regulator, Securities and Exchange Board of India (SEBI). They accused her of having stakes in offshore funds linked to the Adani Group.
The US-based short seller stated and I quote, "The current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani." &ndash; end of quote.
After making the allegations, Hindenburg Research concluded and I quote again, "We Do Not Think SEBI Can Be Trusted As An Objective Arbiter In The Adani Matter." &ndash; end of quote
However, the Buchs didn't take these allegations lying down. In a detailed statement, Madhabi and Dhaval Buch slammed Hindenburg Research's claims as 'baseless' and 'malicious.'
They clarified that their investments in offshore funds were made well before Madhabi joined SEBI.
They also emphasized that all necessary disclosures were made, and Madhabi recused herself from any SEBI decisions involving potential conflicts of interest.
SEBI also weighed in, backing its chief. The regulator confirmed that Madhabi Puri Buch made all relevant disclosures and recused herself from any decisions that could pose a conflict of interest.
SEBI reiterated that it has thoroughly investigated Hindenburg's allegations against Adani, and the last of its 26 investigations is nearing completion.
However, Hindenburg wasn't convinced. The firm responded by doubling down on their allegations, suggesting that Buch and her husband's financial dealings were deliberately concealed ahead of her appointment as SEBI chairperson. They even hinted at the possibility of Buch shielding Adani-linked entities from regulatory scrutiny.
The crossfire between Hindenburg Research and the SEBI chief had policy, business, and market circles abuzz. Some industry leaders slammed the American short-seller for what they see as an unjustified attack on SEBI's credibility, while others argue these allegations, if proven true, could have serious implications for India's regulatory framework.
Commenting on the new report by Hindenburg Research, Economic Affairs Secretary Ajay Seth said the regulators have already made a statement, as has SEBI chairperson Madhabi Puri Buch, and "the government had nothing further to add."
Meanwhile, The Association of Mutual Funds in India (AMFI) expressed support for SEBI chief Madhabi Puri Buch, accusing Hindenburg of seeking to "create a trust deficit in the market ecosystem".
The association also called the report "an attempt to undermine Buch's contributions to India's capital market."
Investment guru Vijay Kedia also slammed Hindenburg Research. He tweeted: &nbsp; "Turns out, the Hindenburg wasn't so smart, Its blackmail plan fell apart, So now it's remembered, not for its threats, But for going down in a fiery mess..."
Market expert Deepak Shenoy called the report sensational. He tweeted, "Thoda zyada ho gaya, i feel, basically they have gone into sensationalism. There is hardly any substance."
 The latest allegations by Hindenburg Research also triggered a political war of words. Congress leader Rahul Gandhi was quick to seize the moment, claiming that SEBI's integrity had been 'gravely compromised'.
The BJP, on the other hand, countered Gandhi's remarks, accusing him of politicising the issue to target Prime Minister Modi and the government.
So, where does this leave us? As SEBI continues its investigation into the Adani Group, the spotlight remains firmly on Madhabi Puri Buch.
While the Buchs and SEBI maintain that the allegations are unfounded, Hindenburg's persistence suggests this battle is far from over.
What are your thoughts? Is Hindenburg right to raise these concerns, or is this just another attempt to undermine India's financial regulators? Let us know in the comments below.
That's all for today's deep dive. Don't forget to like, share, and subscribe to our channel for more insights into the world of business and finance. Until next time, stay informed!

Hindenburg's report had accused the Adani Group of stock manipulation and improper use of tax havens, triggering a significant sell-off in the conglomerate

‘Hindenburg report was designed to defame us’; Gautam Adani tells shareholders during AGM

Hindenburg's report had accused the Adani Group of stock manipulation and improper use of tax havens, triggering a significant sell-off in the conglomerate

Adani Group Chairman Gautam Adani addressed the Hindenburg incident at the conglomerate's 32nd annual general meeting, calling the short-seller's over 100-page report "baseless accusations." Adani described the report as a "two-sided attack" involving vague criticisms of the group's financial standing and an information distortion campaign, timed to coincide with the closing of their Follow-on Public Offer. Also read/watch - <a title="Budget 2024: FM may raise Standard Deduction under New Tax Regime, say reports" href="https://www.editorji.com/business-news/budget-2024-fm-may-raise-standard-deduction-under-new-tax-regime-say-reports-1719231923086">Budget 2024: FM may raise Standard Deduction under New Tax Regime, say reports</a> He further added that it was designed to defame us, do maximum damage, and erode our hard-earned market value. Hindenburg's report had accused the Adani Group of stock manipulation and improper use of tax havens, triggering a significant sell-off in the conglomerate. However, a Supreme Court-appointed expert panel later found no conclusive evidence of stock manipulation but recommended regulatory improvements to protect investors.

As the International Development Corp is to invest $553 million for a Sri Lankan terminal which is being developed by the Adani group, the US government has called the Hindenburg report irrelevant for its investment decision on Adani Ports

US finds Hindenburg report irrelevant for granting funds to Adani Ports: Report

As the International Development Corp is to invest $553 million for a Sri Lankan terminal which is being developed by the Adani group, the US government has called the Hindenburg report irrelevant for its investment decision on Adani Ports

Adani-Hindenburg row:&nbsp;The US government has called the Hindenburg report on Adani group, 'not relevant' for its decision to grant up to $553 million for a Sri Lankan terminal which is being developed by Adani Ports &amp; Special Economic Zone Ltd.
<h3>Hindenburg allegation examined</h3>
As per a Bloomberg report, the International Development Finance Corp., or DFC conducted&nbsp; due diligence investigation of the conglomerate in which the Hindenburg report's allegations was also taken into consideration. The DFC was reportedly satisfied that the accusations in the short-seller&rsquo;s report, which said Adani was pulling off &ldquo;the largest con in corporate history,&rdquo; weren&rsquo;t applicable to Adani Ports &amp; Special Economic Zone Ltd., the subsidiary spearheading the Sri Lankan project.
Also Read: <a href="https://www.editorji.com/business-news/us-to-invest-553-million-in-adani-s-sri-lankan-port-terminal-project-to-curtail-china-s-influence-1699431636358">US to invest $553 million in Adani's Sri Lankan port terminal project to curtail China's influence</a>
However, the US official also told Bloomberg News that US will continue to monitor the Adani group company to ensure the US government doesn&rsquo;t unintentionally support financial misconduct or other inappropriate behaviour.
<h3>US investment in Adani Port</h3>
The United States signed an agreement to &nbsp;provide $553 million for a port terminal in Sri Lanka that is being developed by Adani group, as both Indian and US are looking to curb the influence of China in South Asia.&nbsp;
The investment comes from US government's largest infrastructure investment in Asia -International Development Finance Corp. The DFC in a statement had said it will bolster Sri Lanka's economic growth and &ldquo;its regional economic integration, including with India, a key partner to both countries&rdquo;.








SC's CJI Chandrachud-led bench asserts Supreme Court can't question SEBI probe solely on media reports





 
 













 



Adani versus Hindenburg case: Supreme Court reserves verdict on PILs for court-monitored probe

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<h2>SC's CJI Chandrachud-led bench asserts Supreme Court can't question SEBI probe solely on media reports</h2>
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The Supreme Court has reserved its verdict on petitions probing fraud allegations against Adani Group following the Hindenburg Research report. Chief Justice DY Chandrachud led the bench, stressing SEBI's independence from media influence.
Advocate Prashant Bhushan claimed SEBI's probe lacked credibility due to unaddressed fund links involving Vinod Adani. However, the court stated SEBI couldn't act based solely on media reports.
The case revolves around accusations of Adani inflating share prices, causing a significant stock drop. Petitions also questioned SEBI Act changes shielding Adani Group's market maneuvers.
Also read/watch - <a title="Tesla eyes $2 billion investment in India but with conditions: Report" href="https://www.editorji.com/business-news/economy/tesla-eyes-2-billion-investment-in-india-but-with-conditions-report-1700823418348#google_vignette">Tesla eyes $2 billion investment in India but with conditions: Report</a>
Earlier, SEBI's independent investigation and an expert committee found no major lapses. The court addressed allegations of media manipulation influencing India's actions.
Sharp exchanges erupted over SEBI's impartiality and committee members' associations. Despite conflict claims, the Court sought substantial evidence.
Meanwhile, SEBI affirmed nearing completion of its investigation, citing a need for information from foreign regulators to conclude the two remaining probes.

Deloitte to resign as Adani Ports auditor: reports

Deloitte to resign as Adani Ports auditor due to 'difference of opinion' in some transactions : reports

Deloitte is reportedly looking to resign as the auditor of Adani Ports, following concerns raised over transactions between Adani Ports and three entities.

Deloitte has decided to resign as the statutory auditor of Adani Ports and Special Economic Zone Ltd, according to media reports quoting sources familiar with the development.
The resignation comes just days after the Supreme Court asked SEBI to submit its investigation report on Adani Group&rsquo;s market transactions involving 13 suspicious foreign portfolio investors by 14 August.&nbsp;
A formal announcement of Deloitte's resignation is expected soon, the report said.
Also Watch: <a href="https://www.editorji.com/business-news/milk-prices-toned-full-cream-milk-rose-10-in-june-2023-1691766047160">Milk prices: toned, full-cream milk rose 10% in June 2023</a>

The Hindenburg-Adani issue is soon to come up in Supreme Court and right before that Mauritius financial services minister claimed in parliament that the island nation has no shell companies and the report is false and baseless

No shell company in Mauritius; Hindenburg allegations 'false, baseless': MauritiusMin tells Parliament

The Hindenburg-Adani issue is soon to come up in Supreme Court and right before that Mauritius financial services minister claimed in parliament that the island nation has no shell companies and the report is false and baseless

In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg Research's allegations of the presence of 'shell' companies in the Island nation are 'false and baseless' and that Mauritius was in compliance with OECD-mandated tax rules.
US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
A shell company is an inactive firm used as a vehicle for various financial manoeuvres.
When a Member of Parliament (MP) through a written notice question asked the Minister about Hindenburg's allegation of use of Mauritius-based entities as conduits for money laundering and share price manipulation for the Adani Group, the minister said the nation's law does not allow shell companies.
"At the outset, I wish to inform the House that the allegations of the presence of shell companies in Mauritius are false and baseless," he said. "According to the law, shell companies are not allowed in Mauritius." All global business companies licensed by the Financial Services Commission have to meet substance requirements on an ongoing basis and are being strictly monitored by the Commission, he said.
"So far, there has been no breach that has been found," he said.
He said the Financial Services Commission has taken note of the Hindenburg report but the regulator is bound by the confidentiality clause of the law and cannot disclose details.
"The Financial Services Commission can neither deny nor confirm whether an investigation has been and/or is being conducted. As such, disclosure of information on global business companies would be in breach of section 83 of the Financial Services Act and may have an adverse impact on the repute of our jurisdiction," he said.
The statement came just before the Hindenburg-Adani issue comes up in Supreme Court. The apex court, which had appointed an expert committee to look into regulatory issues, is likely to take up capital market regulator SEBI's plea for a six-month extension in timelines to probe allegations against the Adani group.
Also, the Financial Services Commission is collaborating with law enforcement agencies in Mauritius and overseas regulators on the matter.

After Hindenburg's report on Jack Dorsey's Block Inc., the billionaires wealth plunged by $526 million on Thursday

Hindenburg report impact: Dorsey's wealth tumbles $526 million

After Hindenburg's report on Jack Dorsey's Block Inc., the billionaires wealth plunged by $526 million on Thursday

After the Hindenburg report on Block Inc., its co-founder Jack Dorsey's wealth plunged by $526 million on Thursday. This is his worst single day decline since May. According to the Bloomberg Billionaires Index the billionaire is now worth $4.4 billion.&nbsp;
Hindenburg released a report on Thursday claiming Block had inflated user metrics, and that the stock has downside of 65% to 75% &ldquo;on a purely fundamental basis.&rdquo; Following the report, Block fell as much as 22% before closing down at 15% on Thursday.&nbsp;
As per Business Standard, Block Inc. has denied the allegations and said that it plans to explore legal action against the short-seller.
Hindenburg's report on Gautam Adani early this year, had sent a tumultuous wave across the Indian market.&nbsp;

Short seller Hindenburg research will soon release a new report on another target. However, the research firm hasn't provided any details on the timing of the release

Another 'big report' coming soon, says Hindenburg Research in a cryptic tweet

U.S based short seller Hindenburg research claims that it will soon release a new report. However, the research firm hasn't provided any details on the timing of the release

Hindenburg research has claimed that a new report on another target will be released soon. The U.S. Short seller took to twitter and said , 'New report soon&mdash;another big one'.&nbsp;
However, the tweet hasn't revealed details about the timing of the report or any other information.&nbsp;
Hindenburg's report on Adani group accused the conglomerate of accounting fraud and stock price manipulation. Post the report, more than $150 billion from the Indian conglomerate&rsquo;s market value was wiped out.&nbsp;
Adani Group had strongly denied all the allegations, saying that they were "nothing but a lie."&nbsp; The Group said the report was driven by "an ulterior motive" to "create a false market" to allow the US firm to make financial gains.
According to the Hurun Global Rich List released just yesterday, Adani lost Rs 3,000 crore of wealth every week in 2022-23 and his overall networth saw a 60% erosion from its peak.&nbsp;

Stocks of Adani group companies saw a big spike on the back of the promoters selling Rs 15,446 crore worth of shares to U.S based boutique investment firm GQG. 




Adani group stocks rally after GQG buys ₹15,4446 cr worth of stake 

Stocks of Adani group companies saw a big spike on the back of the promoters selling ₹15,446 crore worth of shares to U.S based boutique investment firm GQG




Stocks of Adani group companies saw a big spike on the back of the promoters selling Rs 15,446 crore worth of shares to U.S based boutique investment firm GQG.&nbsp;
&nbsp;

Adani group stocks shot up on Friday, after the promoters sold shares worth Rs 15,446 crore ($1.8 billion) in four of its listed entities. The buyer was GQG Partners, which is a U.S based global equity-investment boutique firm.&nbsp;
GQG partners bought shares worth Rs 5,460 crore in Adani enterprises, Rs 5,282 crore in Adani ports, Rs 2,806 crore in Adani Green and Rs 1,898 crore in Adani transmission.&nbsp; &nbsp;
The proceeds from the share sale will be used by promoters for reducing debt and other purposes.&nbsp; Jugeshinder Singh, Group CFO of Adani Group, said: &ldquo;We are delighted to complete this landmark transaction with GQG. We value GQG&rsquo;s role as a strategic investor in our infrastructure and utility portfolio of sustainable energy, logistics and energy Transition. This transaction marks the continued confidence of global investors in the governance, management practices and the growth of Adani Portfolio of companies.&rdquo; Since January 24th, when the Hindenburg research was released, Adani group has been battling the repurcissions of the allegations made by the report. The report accused Adani group of stock price manupulation and accounting fraud, allegations which the Adani group has strongly denied.&nbsp; Meanwhile, the Hindenburg-Adani row reached the top court. And on Thursday, the Supreme Court ordered capital markets regulator SEBI to conduct a thorough probe and complete the investigation within two months. The top court also appointed an expert committee to oversee the investigation and also to look into if there was any kind of regulatory failure or if mechanisms needs to be strengthened to protect investors.&nbsp;&nbsp;
&nbsp;

Top top court has ordered that the SEBI investigation into the Adani-Hindenburg row must be completed within 2 months. Supreme court has also formed a committee headed by retired SC judge, Justice Sapre. 

Adani-Hindenburg row: SC directs SEBI to probe Adani 

Adani-Hindenburg row: SC directs SEBI to probe Adani -&nbsp;SEBI TO REPORT FINDINGS IN 2 MONTHS
- SC FORMS PANEL HEADED BY FORMER JUDGES

Top top court has ordered that the SEBI investigation into the Adani-Hindenburg row must be completed within 2 months. Supreme court has also formed a committee headed by retired SC judge, Justice Sapre.&nbsp;

The Supreme Court has directed capital markets regulator SEBI to complete the probe into the Adani-Hindenburg issue within 2 months.&nbsp;
The top court has ordered that SEBI's investigation must include whether there was any violation of securities contract rules, whether there was any failure to disclose transactions as per the law and if there was any manipulation of stock prices in contravention of existing laws.&nbsp;
<h3> SC order on Adani&nbsp;</h3>
The top court has also constituted an expert committee to look into the regulatory mechanism in light of this controversy and whether this mechanism needs to be strengthened in order to protect investors.&nbsp; The committee will be headed by Former SC Judge, Justice AM Sapre. The committee members include, OP Bhat (Former SBI Chairman), Retired Justice JP Devdatt, KV Kamath, Nandan Nilakeni, Somasekharan Sundaresan.&nbsp;
The Supreme Court refused to accept names proposed by the centre for the committee, saying that it cannot amount to a govt constituted committee and that there has to be full public confidence in the committee.&nbsp; On January 24th, U.S based short seller, Hindenburg research released a report making scathing allegations of stock price manipulation and corporate governance malpractices. This report sent the Adani group stocks on a downward spiral. Adani group strongly denied the accusations in a 400 page reply.&nbsp;
Following the Superme Court's order, embattled tycoon Gautam Adani welcomed the top court's decision of a time-bound probe into allegations levelled by Hindenburg Research against his group, saying this will bring finality and truth will prevail.
&nbsp;
&nbsp;

"We'll be calling them in sometime soon to know how are they managing the whole crisis," LIC chairman Kumar added.

Will seek an explanation from Adani Group soon says LIC chairman

"We'll be calling them in sometime soon to know how are they managing the whole crisis," LIC chairman Kumar added.

The LIC management will soon meet the top management of the crisis-ridden Adani Group and seek clarification on the crisis being faced by the diversified conglomerate, chairman M R Kumar said here on Thursday.
LIC's investment into Adani group firms' stock has come under criticism by the opposition parties as well as investors after US-based short-seller Hindenburg Research made a litany of allegations against the Gautam Adani-led group, saying its companies manage and manipulate share prices, run offshore shell companies for round-tripping and lacking in corporate governance practices.
"Though our investor team has already sought clarifications from the Adanis, our top management could contact them yet as we have been busy preparing the results. We are soon going to call them to meet us and explain. We want to understand what is happening in the market and in the group," the chairman told reporters at the earnings conference on Thursday.
"We'll be calling them in sometime soon to know how are they managing the whole crisis," Kumar added.
Kumar, however, refused to give a timeline of the meeting between LIC and Adani group officials.
(PTI)
Also Watch: <a href="https://www.editorji.com/business-news/lic-issues-statement-amid-concerns-over-exposure-to-adani-group-1675771775587">LIC issues statement amid concerns over exposure to Adani group</a>

Vikram Chandra breaks down how the Adani group is fighting back against recent allegations and the impact this saga will have on India's growth.&nbsp;

Decoded | The row surrounding the Adani group 

This week on The India Story, we take a look at the row around the Adani group, which is currently facing its greatest crisis ever. Triggered by an attack from a New-York based short-seller, the Hindenburg group, its stock value has plunged down and it’s lost around 110 billion dollars. The impact of this event, which was being felt by the markets already, has now also made it’s way to the parliament with a war of words taking place between in the Centre and the Opposition.  

Tune in to see Vikram Chandra's take on the Adani saga. 

Vikram Chandra breaks down how the Adani group is fighting back against recent allegations and the impact this saga will have on India's growth.&nbsp;

This week on The India Story, we take a look at the row around the Adani group, which is currently facing its greatest crisis ever. Triggered by an attack from a New-York based short-seller, the Hindenburg group, its stock value has plunged down and it&rsquo;s lost around 110 billion dollars. The impact of this event, which was being felt by the markets already, has now also made it&rsquo;s way to the parliament with a war of words taking place between in the Centre and the Opposition.&nbsp;&nbsp;
Tune in to see Vikram Chandra's take on the Adani saga.&nbsp;
&nbsp;

According to Fitch Ratings reports, Indian banks' exposure to Adani group is "insufficient in itself" to pose a substantial risk to their credit profiles

Banks' exposure to Adani group 'insufficient', face limited risk: Fitch 

According to Fitch Ratings reports, Indian banks' exposure to Adani group is "insufficient in itself" to pose a substantial risk to their credit profiles

Indian banks' exposure to Adani group is "insufficient in itself" to pose a substantial risk to their credit profiles, Fitch Ratings said on Tuesday.
Adani group has faced stock rout and questions after a US short seller Hindenburg Research came out with a damning report alleging financial and accounting fraud by the ports-to-energy conglomerate. Adani Group has denied all charges and threatened to sue Hindenburg.
"Fitch Ratings believes that Indian banks' exposure to the Adani group is insufficient in itself to present a substantial risk to the banks' standalone credit profiles," the rating agency said in a note.
Ratings of banks remain driven by expectations that the banks would receive extraordinary sovereign support if needed.
Fitch on February 3 stated that the controversy over the short-seller report had no immediate impact on the ratings of Fitch-rated Adani entities and their securities.
"Even under a hypothetical scenario where the wider Adani group enters distress, exposure for Indian banks should, in itself, be manageable without adverse consequences on the banks' viability ratings," Fitch said.
State Bank of India last week stated that its share of the group's loans had fallen to 31 per cent by 2022-end from 55 per cent in 2016.

Life Insurance Corporation says that it strictly follows the statutory framework and regulations while making investments. LIC's statement comes amid concerns over the insurer's exposure to Adani group companies.

LIC issues statement amid concerns over exposure to Adani group

LIC gives statement amid concerns over exposure to Adani grp cos

Life Insurance Corporation says that it strictly follows the statutory framework and regulations while making investments. LIC's statement comes amid concerns over the insurer's exposure to Adani group companies.

Amid concerns in certain quarters over LIC's exposure to Adani group companies, the insurer has said that it strictly follows the statutory framework and regulations while making investments.
Last week, state-owned Life Insurance Corporation (LIC) said it has investments of Rs 35,917.31 crore in Adani group's debt and equity securities. The amount is 0.975 per cent of the insurer's total assets under management of more than Rs 41.66 lakh crore.
The total value of equity, purchased over the last many years, of all the Adani group companies, is Rs 30,127 crore and the market value for the same as at close of market hours on January 27, 2023, was Rs 56,142 crore, as per LIC.
Stocks of the Adani group companies have taken a beating, losing billions of dollars in market value, after US-based short-seller Hindenburg Research in a report dated January 24 made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. Adani group completely denied the allegations calling them 'malicious' and 'basless'.&nbsp;

'Unusual price movement in stocks of a business conglomerate': SEBI amid Adani stocks rout

SEBI said on a longer-term basis also, Indian markets have been viewed positively by investors.

In an apparent reference to the Adani group, the Securities and Exchange Board of India (SEBI) said "that unusual price movement in the stocks of a business conglomerate" has been observed during the past week and that it is committed to ensuring market integrity.
A SEBI press release said that the Indian financial market as represented by Sensex and Nifty has demonstrated ongoing stability and is continuing to function in a transparent, fair and efficient manner.
SEBI said on a longer-term basis also, Indian markets have been viewed positively by investors.
A cross-country comparison of dollar-adjusted market returns with both peer and developed countries during the past three years till date, places "the Indian Market as a positive outlier," the regulatory body said.
"SEBI has consistently followed this approach on entity-level issues and would continue to do so in future as well. SEBI is committed to ensuring market integrity and to ensuring that the markets continue to have the appropriate structural strength to function in an uninterrupted, transparent and efficient manner as has been the case so far," the statement said.

FM Sitharaman breaks her silence on Adani vs Hindenburg report

The combined market cap of Adani Group's listed units has collapsed by more than $120 billion -- about half of the group's value -- since US short-seller Hindenburg Research released an explosive report last week

Indian Finance Minister Nirmala Sitharaman said Friday her country's markets were "well regulated" and she did not expect the controversy around tycoon Gautam Adani's business empire to affect investor confidence.
The combined market cap of Adani Group's listed units has collapsed by more than $120 billion -- about half of the group's value -- since US short-seller Hindenburg Research released an explosive report last week.
It accused Adani of accounting fraud and artificially boosting its share prices, calling it a "brazen stock manipulation and accounting fraud scheme" and "the largest con in corporate history".
India remained "an absolutely well governed" country and a "very well regulated financial market", Sitharaman told broadcaster News18.
"One instance, however much talked about globally, I would think is not going to be indicative of how well Indian financial markets have been governed," Sitharaman said.
Sitharaman said public sector financial institutions had released detailed statements showing they had limited exposure to Adani Group and would not be significantly affected by the share crash.
"I think the investor confidence which existed before shall continue even now," she added.

hindenburg report

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