Billionaire banker Uday Kotak founded bank and brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani shares that followed a damning Hindenburg report, the US short-seller said.
Hindenburg Research, which had in a January 2023 report alleged stock market manipulations and accounting fraud at the Adani group, said it has received a show cause notice from the Indian markets regulator Securities and Exchange Board of India’s (Sebi) over gains made from betting on the conglomerate’s shares.
The US short-seller said it had disclosed that it had bets against the group, adding that its gains were only over $4 million.
While Kotak Mahindra Investments Ltd (KMIL) — the asset management company (AMC) is said to have created the offshore fund — stated that Hindenburg was “never” its client, Sebi’s show cause notice cited chats between Kingdon Capital — a client of the US short-seller who was privy to the report prior to its release — and Kotak fund executives.
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