Hindenburg said key listed companies in the group controlled by billionaire Gautam Adani (pic) had 'substantial debt' which has put the entire group on a 'precarious financial footing'.
BENGALURU: Hindenburg Research said on Wednesday it held short positions in India's Adani Group, accusing the conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels.
The report, which comes days ahead of a $2.5 billion share offering by flagship firm Adani Enterprises, sent shares in Adani group firms sliding.
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