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Adani, Embattled Indian Company, Scraps $2.5 Billion Share Sale


Hindenburg is what’s known as an activist short seller, an investor that takes aim at companies it suspects of fraud and exposes the wrongdoing. Short sellers then profit from investments when a target company’s share price falls. Hindenburg has taken on about 30 companies and made its name when it raised evidence of fraud at Nikola, the electric vehicle maker, which led to the ouster and conviction of Nikola’s founder, Trevor Milton.The Rise and Troubles of India’s Adani GroupThe Indian conglomerate, which controls ports, coal mines and more, is facing fraud allegations that have caused it to lose billions of dollars in value.The Adani Group has dismissed Hindenburg’s allegations, and called its report a “calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.” Adani has threatened to sue Hindenburg, which responde …

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