Key Points
New Delhi, July 2. Billionaire banker Uday Kotak founded bank as well as brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani shares that followed a damning Hindenburg report, the US short seller said on Tuesday...
Hindenburg Research, which had in a January 2023 report alleged stock market manipulations and accounting fraud at the Adani group, said it has received a show cause notice from the Indian markets regulator SEBI over gains made from betting on the conglomerate's shares...
SEBI's notice conspicuously failed to name the party that has an actual tie to India: Kotak Bank, one of India's largest banks and brokerage firms founded by Uday Kotak, which created and oversaw the offshore fund structure used by our investor partner to bet against Adani, Hindenburg said...
The January 2023 report, that led to a rout in Adani shares that at one point saw more than USD 150 billion being wiped out from market value of the 10 listed companies, earned a gross revenue of about USD 4.1 million through gains related short positions created from one investor relationship and about USD 31,000 through our own short of Adani US bonds, Hindenburg said.. It, however, did not name the investor...
Hindenburg said it was short on Adani shares through a deal with an investor partner who was indirectly short Adani derivatives through a non-Indian, offshore fund structure...
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