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From Pedro Goncalves of Yahoo Finance UK:

Adani Enterprises shares fell over 7% after U.S. short-seller Hindenburg Research alleged that Securities and Exchange Board of India (SEBI) chairwoman Madhabi Puri Buch and her husband made undisclosed investments in an offshore fund structure used by Vinod Adani, brother of Adani Group founder Gautam Adani.

The report suggests that SEBI's inaction against Adani Group despite evidence of fraudulent practices could be due to Buch's involvement in these funds.

“Madhabi Buch and her husband owned shares in a multi-layered offshore fund structure with tiny assets that traversed known high-risk jurisdictions and was overseen by a company allegedly linked to the Wirecard scandal. It is the same entity that was headed by an Adani director and used significantly by Vinod Adani in the alleged Adani fund embezzlement scandal,” the report added, according to local media.

Hindenburg Research called for further investigation into these allegations. The company has pledged to donate all proceeds from the report to causes that support free speech.

SEBI has yet to release the results of several lengthy investigations into the Adani Group after India's Supreme Court ordered in January that the probes be completed within three months.

Buch and her husband issued a statement calling Hindenburg's report an attack on SEBI's credibility and an attempted “character assassination.”

Adani Energy Solutions (ADANIENSOL.NS) plunged as much as 17% before recovering most of its loss. All but one of the conglomerate's 10 stocks traded lower.

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