SEBI probes 2 funds for shorting Adani stocks before Hindenburg

Adani Group stocks remained steady on Wednesday, 24 April after the Securities and Exchange Board of India (SEBI) initiated a probe against two foreign portfolio investors, including one accused of allegedly shorting stocks in Adani Group companies prior to a report from Hindenburg Research.

The capital market regulator is seeking explanations from these two separate groups of foreign funds for “possible rule violations”.

The group, facing market manipulation allegations, is suspected to have shorted stocks in firms led by billionaire Gautam Adani after getting wind that a short seller report would be published soon, the people said, asking not to be identified as the details are not public.

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