Reported about 1 year ago
A recent investigation by the Securities and Exchange Board of India (Sebi) revealed the involvement of an activist short-seller, a New York hedge fund, a Mauritius-based investment vehicle, and a broker linked to a major Indian bank in a damaging short-selling attack against the Adani Group. The report shed light on the profit-sharing agreement between Hindenburg Research and Kingdon Capital Management LLC, showing how the New York hedge fund made significant gains from short bets against Adani Enterprises Ltd. The investigation also highlighted the role of Kotak Mahindra (International) Ltd. in executing the trades, leading to a market value loss of up to $153 billion for the Adani Group.
Source: YAHOO