Hindenburg report probe: Short selling in Adani shares led to 'gains' for 12 firms, ED to SEBI

THE Enforcement Directorate has concluded, after a preliminary investigation into the Hindenburg Research report and the subsequent market crash, that a dozen companies including foreign portfolio investors and foreign institutional investors (FPIs/ FIIs) based in tax havens were the "top beneficiaries" of short selling in shares of Adani Group companies, The Indian Express has learnt. Short sellers are investors who believe and bet share prices will fall; they borrow shares to sell and buy them back later at a lower price, thus making a profit in the transaction. According to ED, which shared its findings with market regulator Securities and…