Nio falls after short seller says the Chinese EV maker plays 'accounting games' to boost financial figures | Business Insider India

Nio shares slid Wednesday after a short seller accused the Chinese electric vehicle maker of artificially inflating its financial figures. Shares were down as much as 5% before paring losses. The stock was trading at $22.00 as of 10:20 a.m. ET. In a report, Grizzly Research said it believed Nio was running “an audacious scheme” and playing a ” Valeant-esque accounting game ” to inflate company financials, referring to the pharmaceutical company Valeant, which paid $45 million to the SEC after using a subsidiary company to commit financial fraud , the Wall Street Journal reported. Grizzly accused Nio of a…