Coincidence or series of incidents? Explaining the Adani vs. Hindenburg, OCCRP saga in charts.

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Gautam Adani, chairman, Adani group

Synopsis
Pledging shares is often used by capital-intensive companies that are overleveraged to raise equity funding. It doesn’t dilute promoter’s control and provides quasi-equity capital. But it is a double-edged sword — if the stock crashes during unforeseen events, it leads to margin calls. For Adani Group, its meteoric rise in valuation could not have come at a better time.

The Adani Group is in the news again. This time, new documents obtained by the Organised Crime and Corruption Reporting Project (OCCRP), and shared with the Guardian and the Financial Times, reveal (for the first time) the details of an undisclosed and complex offshore operation in Mauritius – seemingly controlled by Adani associates – that was allegedly used to support the share prices of its group companies from 2013 to 2018. This is the