Sebi: Hindenburg Shared Adani Report with Clients 2 Months Before Release

08 Jul 2024 CW Team

The US short-seller Hindenburg Research reportedly shared an advance copy of its critical report on the Adani group with New York-based hedge fund manager Mark Kingdon about two months before its public release. According to the Securities and Exchange Board of India (Sebi), this collaboration resulted in profits from the share price movement of Adani group companies. In a 46-page show-cause notice, Sebi detailed how Hindenburg, the New York hedge fund, and a broker associated with Kotak Mahindra Bank benefited from the market value loss of over $ 150 billion in Adani group's 10 listed firms following the report's publication.

Sebi accused Hindenburg of making unfair profits through collusion, using non-public and misleading information to induce panic selling in Adani Group stocks. In response, Hindenburg published the Sebi notice and described it as an attempt to silence and intimidate those exposing corruption and fraud by powerful individuals in India. They also revealed that the vehicle used for betting against Adani's flagship firm, Adani Enterprises (AEL), belonged to Kotak Mahindra (International), a Mauritius-based subsidiary of Kotak Mahindra Bank.

The show-cause notice included excerpts from time-stamped chats between a hedge fund employee and KMIL traders about selling future contracts in AEL. Kotak Mahindra Bank claimed that Kingdon never disclosed any relationship with Hindenburg or that they were acting on any price-sensitive information.

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..