Adani mulls suing US short-seller as shares sink up to 20%

By ASHOK SHARMA and KRUTIKA PATHI
Associated Press

NEW DELHI (AP) — Shares in India’s Adani Group have plunged up to 20% and the company said it was considering legal action against U.S.-based short-selling firm Hindenburg Research for allegations of stock market manipulation and accounting fraud that led investors to dump its stocks. The heavy selling of Adani-linked shares has wiped out billions of dollars worth of market value for India’s second-largest conglomerate. It caused trading in some Adani companies to be suspended or temporarily halted. India’s benchmark Sensex lost 1.5% on Friday, but so far, the impact of the selling has been mainly on Adani Group companies. Analysts said there could be wider repercussions if the selling persists. Hindenburg said it stood by its research.