Shares of Kotak Mahindra Bank fell 2.49 per cent to close at Rs 1,763.15.
In response to SEBI's show cause notice, Hindenburg said: "Kotak Bank, one of India's largest banks and brokerage firms founded by Uday Kotak, has seized the offshore funds used by our investor partner to bet against Adani. Built and inspected the structure." It claimed that the group "named it only K-India Opportunities Fund and disguised the name 'Kotak' with the abbreviation 'KMIL'."
Kotak Mahindra Bank unit Kotak Mahindra (International) Ltd said in a statement that Hindenburg was never a client of the group's K-India Opportunities Fund (KIOF) and Kotak Mahindra International Ltd (KMIL).
A spokesperson for KMIL said, "KMIL and KIOF state clearly that Hindenburg has never been a client of the firm, nor has he ever been an investor in the fund. The fund was never aware that Hindenburg was any of its investors." Was a partner of. in a statement.
In response to SEBI's show cause notice, Hindenburg said: "Kotak Bank, one of India's largest banks and brokerage firms founded by Uday Kotak, has seized the offshore funds used by our investor partner to bet against Adani. Built and inspected the structure." It claimed that the group "named it only K-India Opportunities Fund and disguised the name 'Kotak' with the abbreviation 'KMIL'."
Kotak Mahindra Bank unit Kotak Mahindra (International) Ltd said in a statement that Hindenburg was never a client of the group's K-India Opportunities Fund (KIOF) and Kotak Mahindra International Ltd (KMIL).
A spokesperson for KMIL said, "KMIL and KIOF state clearly that Hindenburg has never been a client of the firm, nor has he ever been an investor in the fund. The fund was never aware that Hindenburg was any of its investors." Was a partner of. in a statement.
