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Richest Indian Gautam Adanis group on Sunday likened the damning allegations made by short seller Hindenburg Research to 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
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FAQ :
The Adani Group has issued a 413-page rebuttal, labelling the Hindenburg allegations as a "calculated attack" on India and its institutions, and stating the claims are "nothing but a lie."
The Adani Group alleges that Hindenburg Research has an "ulterior motive" to create a "false market" to enable the US firm to make significant financial gains through wrongful means.
The report led to Adani Group losing more than USD 50 billion in market value in just two trading sessions, with Gautam Adani personally losing over USD 20 billion.
Adani Group states that out of 88 questions from Hindenburg, 65 relate to disclosed matters, 18 concern public shareholders, and 5 are dismissed as baseless allegations.
The Adani Group reaffirms its compliance with all applicable laws and regulations, commitment to the highest governance standards, and robust internal and audit controls.
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