Richest Indian Gautam Adani’s group likened damning allegations made by Hindenburg Research to a “calculated attack” on country India, its institutions and growth story, saying the allegations are -nothing but a lie.
US based whistle-blower Hindenburg Research on Monday said Adani Group’ 413 page rebuttal to allegations related to the accounting frauds and stock manipulation defies common sense.
Adani group locked horns with US based Hindenburg Research and rebutted its report that flagged concerns about debt levels and the use of the tax havens. Adani said it complies with all the local laws and had made the necessary regulatory disclosures.
The report led to the $48 billion wipe-out in 7 listed companies of the Adani group last week.
Hindenburg said Adani’s response largely confirmed our findings and ignored our key questions.
On Monday, Adani Enterprises was trading at rs 2,962 in early trade, paring some of its initial gains, as its critical $2.5 billion secondary share sale entered its 2nd day.
Ahmedabad based conglomerate had called Hindenburg an “unethical short seller” who made windfall gain by doing the calculated securities fraud. Adani had also called the report a calculated attack on country India, the independence, and quality of Indian institutions, and growth story and ambition of India.