Sebi moves ahead with action against Hindenburg, others in Adani case: Report

Sebi has started hearing representations as it seeks to recover gains from trades it suspects were based on prior knowledge of Hindenburg Research’s 2023 report on the Adani Group. The regulator had alleged that Kingdon Capital built short positions in Adani-related stocks before the report triggered a selloff, wiping out $150 billion in group value. Adani denied wrongdoing.