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Hindenburg Research says if Adani Group files a lawsuit, it will demand documents from the company.

image source-Millenium Post   Adani Group has announced that it is considering legal action against Hindenburg Research, a US-based investment research firm, for its recent report on the Indian conglomerate. In response, Hindenburg has stated that it fully stands by its report and believes any legal action taken against them would be without merit. The report, which was released this week, alleged that Adani Group had used undisclosed related-party transactions and earnings manipulation to "maintain the appearance of financial health and solvency" of its listed business units. The firm also stated that they would welcome any legal action taken by Adani Group and would use the discovery process to demand documents.
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LIC Suffers Huge Losses as Adani Group Stocks Plunge Following Hindenburg Research Report


The Life Insurance Corporation of India (LIC), a domestic institutional investor, has significant shareholdings in Adani group stocks and has suffered significant losses in the past two days. The Hindenburg Research report further damaged Adani group stocks, causing them to drop much lower than key benchmark indices. As a result, LIC has lost a total of ₹16,580 crore in the past two days. Out of this loss, ₹6,232 crore was specifically from its 5.96% shareholding in Adani Total Gas.

In particular, LIC holds a 4.23% stake in Adani Enterprises, resulting in a loss of ₹3,245 crore in the past two days as the share price dropped from ₹3,442 to ₹2,768.50. In Adani Ports, LIC holds a 9.14% stake, resulting in a loss of ₹3,095 crore as the share price fell from ₹761.20 to ₹604.50. In Adani Transmission, LIC holds a 3.65% stake, resulting in a loss of ₹3,042 crore as the share price dropped from ₹2,762.15 to ₹2,014.20.
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