In an effort to refute allegations made by short-seller Hindenburg Research that have affected its stocks and bonds, India's Adani Group has hired accounting firm Grant Thornton to conduct independent audits of some of its companies, according to two people familiar with the situation on Monday. The appointment represents the Adani Group's first significant attempt to defend itself following a Hindenburg investigation from January 24 that accused the company of improperly using offshore tax havens and stock manipulation. Investors are nonetheless anxious despite the conglomerate's vehement denials of the accusations under billionaire Gautam Adani's leadership. The market value of the seven listed subsidiaries of the group's shares has decreased by a total of nearly $120 billion during the past three weeks.

Key Points

• In an effort to refute allegations made by short-seller Hindenburg Research that have affected its stocks and bonds, India's Adani Group has hired accounting firm Grant Thornton to conduct independent audits of some of its companies.

• The market value of the seven listed subsidiaries of the group's shares has decreased by a total of nearly $120 billion during the past three weeks.

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