The Adani Saga: Adani Group hires US legal firm Wachtell to fight case against Hindenburg Research

Weeks after Hindenburg Research exposed how the Adani Group was involved in stock manipulation, thereby causing a massive upheaval in the share prices of the Adani Group companies, it has come to the fore that the embattled business group has hired a US legal firm Wachtell to fight the case against Hindenburg Research.

According to the Financial Times – an American business newspaper, Wachtell is among the most sought-after advisers by besieged corporate boards in the United States.

“In recent days, the Adani Group has tapped senior lawyers at New York’s Wachtell, Lipton, Rosen & Katz to advise it on how to stem the crisis facing the Indian conglomerate since Hindenburg accused it of accounting fraud and stock market manipulation in late January," the FT report said quoting four sources.

US short seller Hindenburg Research has accused the Adani Group of stock manipulation and improper use of offshore tax havens. The group, however, has vehemently denied any wrongdoing.

As per analysts, the Hindenburg expose has wiped some $110 billion off the value of the Adani group’s main listed firms.