Uday Kotak's Offshore Fund Allegedly Tied to Adani Stock Plunge, Hindenburg Claims

Hindenburg Research alleges that billionaire banker Uday Kotak's offshore fund profited from the plunge in Adani shares following its damning report. SEBI issued a show cause notice to Hindenburg, which claims intimidation. Kotak's connection was not named by SEBI, raising questions of regulatory protection.

In a recent claim that could shake the financial world, Hindenburg Research has alleged that an offshore fund created by billionaire banker Uday Kotak profited from the plunge in Adani shares. This came in the wake of Hindenburg's own report alleging stock manipulation at the Adani Group.

The US short seller disclosed these details after receiving a show cause notice from the Indian market regulator SEBI. Hindenburg expressed concerns about the notice being an attempt at intimidation, questioning SEBI's omission of Kotak's name.

The allegations spotlight how influential figures might be shielded from scrutiny, drawing attention to India's regulatory examination of stock market activities involving one of the country's most prominent banking figures.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)