Adani Group has published a detailed rebuttal running to more than 400 pages against allegations of fraud made by a US investment firm, calling the short seller’s investigation of the ports-to-power conglomerate « a calculated attack on India. »
Adani Group has published a detailed rebuttal running to more than 400 pages against allegations of fraud made by a US investment firm, calling the short seller’s investigation of the ports-to-power conglomerate “a calculated attack on India.”
Hindenburg Research released a report on billionaire Gautam Adani’s business last week, accusing it of “brazen stock manipulation and accounting fraud scheme over the course of decades.” It said it had taken a short position in the Adani Group’s companies, meaning it would benefit from a drop in their value.
Since the release of Hindenburg’s report, Adani’s business empire has lost more than $70 billion of its stock market value. The infrastructure tycoon’s net worth has also plummeted by some $30 billion, according to the Bloomberg Billionaires Index.
He is still Asia’s richest man with a personal fortune worth over $92 billion, which is $10 billion more than fellow Indian entrepreneur Mukesh Ambani.
In its long and angry response published on Sunday, the Adani Group called Hindenburg’s allegations “baseless and discredited” and said the research firm had an “ulterior motive.
