10 February,2023 01:57 PM IST | New Delhi | ANI
Gautam Adani Pic/File Photo
Gautam Adani-led Adani Group has hired US-based law firm Wachtell to fight against allegations recently leveled against the conglomerate by short-seller Hindenburg Research, Financial Times reported.
According to the British daily news report, the Adani Group has tapped senior lawyers at Wachtell, Lipton, Rosen & Katz to advise it on how to deal with the crisis facing the conglomerate. The New York-based legal firm specializes in corporate law, regularly handling large and complex transactions.
Over the past week, share prices of companies in the Adani Group have dropped significantly, following the report, which alleged stock manipulation and fraud by the conglomerate.
The Adani Group has attacked Hindenburg as "an unethical short seller" and stated that the report by the New York-based entity was "nothing but a lie".
ALSO READ
IND vs AUS 1st Test: Bumrah claims fifer, Australia left with just one wicket
AQI in Delhi slips down to 'severe' after temporary 'very poor'
Indian national arrested in US for illegally supplying aviation goods to Russia
Assembly polls: No victory processions allowed in Chhatrapati Sambhajinagar on S
Two missing after vessel collides with submarine off Goa coast
The continued sell-offs in the group's stocks have led its flagship firm, Adani Enterprises Limited, to cancel a fully subscribed Rs 20,000 crore follow-on public offer.
Also Read: Adani stock rout: Opposition parties to meet in Parliament to evolve strategy
Adani Group on January 29, in a long 413-page report, said the recent report by Hindenburg Research was not an attack on any specific company but a "calculated attack" on India, its growth story, and ambitions.
"This is not merely an unwarranted attack on any specific company but a "calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," it said.
A short seller in the securities market books gains from the subsequent reduction in the prices of shares.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.
