Hindenburg rejects Indian regulator's claims over Adani short sale

BENGALURU -- U.S. short seller Hindenburg Research has hit back at claims by India's market regulator that it engaged in improper trading and "deliberately sensationalized and distorted certain facts" when it bet against Adani Group last year.

In a post to its website on Monday, Hindenburg responded to a previously undisclosed show-cause notice it received last week from the Securities and Exchange Board of India (SEBI) over its explosive January 2023 report, which alleged "brazen stock market manipulation and accounting fraud" at the Indian ports-to-power conglomerate.