Adani Group Says Hindenburg Report ' A Calculated Attack On India'

Gautam Adani's group on Sunday dubbed the allegations made in the Hindenburg Research's January 24 report as a calculated attack on India, its institutions, and growth story, saying the allegations are "nothing but a lie".

In a 413-page response, Adani Group said the report was driven by "an ulterior motive" to "create a false market" to allow the US firm to make financial gains.

This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India, it said.

The report by the tiny New York firm that specialises in short selling has led to Adani group losing more than USD 50 billion in market value in just two trading sessions and Adani himself losing in excess of USD 20 billion, or about one-fifth of his total fortune.

Hindenburg called out the conglomerate's "substantial debt", which includes pledging shares for loans; that Adani's brother Vinod "manages a vast labyrinth of offshore shell entities" that move billions into group companies without required disclosure; and that its auditor "hardly seems capable of complex audit work".

Adani Group’s detailed response to Hindenburg’s Unsubstantiated Accusationshttps://t.co/byWV8z9q6O

— Adani Group (@AdaniOnline) January 29, 2023

Also Read: Adani Group Shares Fall Sharply on Manipulation Charges, Group Questions Timing of Hindenburg Report