‘Calculated attack on India, its institutions’: Adani Group on Hindenburg’s allegations

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NEW DELHI: The Adani Group issued a detailed statement on Sunday against the serious stock manipulation allegations made by Hindenburg Research, saying it was “shocked and deeply disturbed” to read the recently released report. The Gautam Adani-led group likened the claims made by short seller Hindenburg Research to a “calculated attack” on India, its institutions and its growth story. In a detailed 413-page response, the group said the allegations were “all lies”. He added that the report was motivated by “an ulterior motive” to “create a false market” to allow the American company to make financial gains. India’s growth story and ambition,” he said. The document is a malicious combination of selective misinformation and concealed facts about baseless and discredited claims to drive an ulterior motive, Adani Group said. Shares of the seven Adani Group companies have fallen sharply over the past two trading sessions, wiping out Rs 10.7 lakh crore of investors’ wealth after Hindenburg Research alleged the ports-energy-cement conglomerate had surrendered to “brazen inventory manipulation and accounting fraud” for decades. The sale is being reviewed by market regulator SEBI and the exchanges. The report comes at a time when Adani Enterprises has launched a $2.5 billion follow-on public offering (FPO). (With agency contributions)

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