Hindenburg Research, a US-based stock market short-seller, claimed that Madhabi Puri Buch, the head of India's market regulator, previously held investments in offshore funds linked to the Adani Group, Reuters reported on Sunday.
Buch dismissed the allegations as unfounded. Meanwhile, an Adani Group spokesperson labelled the claims "red herrings thrown by a desperate entity with total contempt for Indian laws."
"Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," Reuters quoted the spokesperson.
