Adani Group shares plunge after new Hindenburg allegations of Swiss account freezes

Adani Group shares experienced a sharp decline of up to 2% in early trading today following fresh allegations from Hindenburg Research. The short-seller's latest claims suggest that Swiss authorities have frozen over $310 million linked to the conglomerate.

The new accusations, detailed in a post by Hindenburg on X (formerly Twitter), allege that the funds, held across multiple Swiss bank accounts, are connected to money laundering and securities forgery involving the Adani Group. As of 9:40 AM, eight out of ten Adani Group stocks were trading in the red, with declines ranging from 0.37% to 2%.

The Geneva Public Prosecutor's Office has reportedly been investigating these claims since 2021, prior to Hindenburg's initial allegations in 2023. Swiss media outlet Gotham City reported that more than $310 million belonging to an alleged associate of Gautam Adani is currently sequestered in five Swiss banks, with the Office of the Attorney General of Switzerland overseeing the case.

This revelation comes at a time when the controversy surrounding the Adani Group seemed to be waning. Earlier in 2023, Hindenburg accused the group of using tax havens to evade market regulations—a claim the Adani Group has consistently denied.

The new allegations also hint at a possible connection between the Adani Group and Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), and her husband, Dhaval Buch. The claims suggest that they may have invested in an offshore fund linked to the Adani Group, intensifying the ongoing debate.

In response, the Adani Group has rejected Hindenburg's latest claims, asserting that its overseas holding structure is transparent and fully compliant with legal regulations. The conglomerate has emphasized that it is not involved in any Swiss court proceedings and that their companies are not mentioned in any court documents or requests for clarification.