After salvos being fired by both sides in the Adani vs Hindenburg showdown, the port to power conglomerate has taken a big hit by losing more than 40 per cent of its market value. The fiasco has also resulted volatility for Indian markets, and Adani was forced to pull back its FPO to raise Rs 20,000 crore, after failing to win the confidence of common retail investors. Although Adani has been threatening legal action against Hindenburg and was also challenged to sue the firm in the US, a PIL has been filed in India's Supreme Court, demanding an inquiry against Adani.
Although Adani's stocks have come under increased scrutiny by SEBI and NSE, as RBI seeks details on exposure of banks to the group, opposition parties in India have been demanding a probe into allegations of fraud against it. In the midst of the storm created by Hindenburg's report, serial litigant Advocate ML Sharma has approached the country's apex court against the short seller. Sharma has called for investigating Hindenburg Research, for duping and exploiting millions of innocent investors.
ML Sharma came into the limelight when he defended the accused in the Nirbhaya rape case of Delhi in 2012. He has also filed PILs for a probe into the Rafale Deal, the Pegasus snooping fiasco and even against bollywood movies for hurting sentiments.
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