Now that it seems clear that #HindenburgResearch won the bet, question would be how did it short #Adani's stock?
Adani shares are not usually traded and any foreign investor in the market of #India must register
It seems that #Hindenburg would have built his short on the basis of #ParticipatoryNotes -an off-shore derivative instrument-
that it's not traded in market of India but in #Mauritius or another #TaxHaven-