New Delhi (07.07.2024): US short-seller Hindenburg Research had shared an advance copy of its damning report against Adani Group with the New York-based hedge fund manager Mark Kingdon around two months before publishing it and profited from a deal to share spoils from share price movement, according to the market regulator Securities and Exchange Board of India (SEBI). 

SEBI in its 46-page show cause notice to Hindenburg detailed how the US short seller, the New York hedge fund and a broker tied to Kotak Mahindra Bank benefited from over $150 billion routs in the market value of Adani Group’s 10 listed firms post-publication of the report. Sebi accused Hindenburg of making unfair profits through collusion, using non-public and misleading information to induce panic selling in Adani Group stocks.