Lagatar24 Desk
New Delhi, Feb 3: The Adani Group case reached the Supreme Court of India after a PIL was filed looking for an investigation against US-based firm Hindenburg Research. Notably, the report led to a massive sink in the value of Adani Group shares in the stock market.
Advocate ML Sharma, who filed the PIL, said that he has sought a probe against the US-based short-selling firm and its founder Nathan Anderson.
A plea has also been filed with market regulator Securities and Exchange Board of India (SEBI) to conduct a probe against the short-seller and its associates for ‘exploiting and duping lakhs of innocent investors’.
Sharma said that the petition has claimed that Hindenburg Research deliberately released the report against the Adani Group just before its Rs 20,000-crore follow-on public offer (FPO) on Thursday.
“The corporation needs to be investigated for causing investor loss and levied a penalty,” Sharma added.
He demanded compensation to those investors who incurred heavy losses in the stock market in the last six sessions.
Notably, the shares of Adani Enterprises have crashed 76 per cent from their all-time high in December due to the biting report, which accused the Adani group of stock manipulation, money laundering, and accounting fraud scheme over the course of decades. The short-seller claimed that the report was summed up after a two-year investigation. The report also alleged that the corporation is leading the ‘biggest con in corporate history’.
Defending itself, the Adani Group had called Hindenburg’s report ‘maliciously mischievous and unresearched,’ which, as it said, adversely affected the Group, its shareholders, and investors.
Reportedly, the stock touched its all-time peak of Rs 4,189.55 on December 21, 2022 but sinked to a 52-week low of Rs 1,017.10 on Friday. To date, Adani Enterprises has lost over Rs 2.88 lakh crore in market capital.
