Reuters
Hindenburg Research said it held short positions in India's Adani Group, accusing the conglomerate of improper use of offshore tax havens and flagging concerns about high debt that eroded $11 billion in investor wealth on Wednesday. The group, which is led by Gautam Adani, the world's third richest person according to Forbes, dismissed the U.S. short-seller's claims as baseless, saying it was timed to damage its reputation ahead of a large share offering. The group's flagship firm, Adani Enterprises, will on Jan. 27 launch the country's biggest public secondary share offering, aiming to raise $2.5 billion to fund capital expenditure and pay off some debt.