Oyster Bay Fund Exposure to Adani Group **Overview of Leveraged Positions** High Court filings disclose that the **Oyster Bay Fund**, an entity owned by Elara, utilized leverage provided by **Nomura** to establish significant positions in **Adani Enterprises** and **Adani Ports**. **Impact of Hindenburg Report** These positions collapsed following the release of the January 2023 report by **Hindenburg Research**. The report alleged "brazen stock manipulation" by the Adani Group and specifically implicated Elara-linked funds in the suspected activities.