Gautam Adani on Hindenburg report: ‘Wanted to destabilise us, defame India’ - Hindustan Times
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Gautam Adani on Hindenburg report: ‘Wanted to destabilise us, politically defame India’

Mar 14, 2024 11:19 AM IST

Gautam Adani on Hindenburg report: The comments come over a year after US-based investment research firm Hindenburg published a report on Adani Group stocks.

Gautam Adani on Hindenburg: Adani Group chairman Gautam Adani said that the Hindenburg report was an an attempt to destabilise the Adani Group and defame the current administration in India. The comments come over a year after US-based investment research firm Hindenburg published a report on Adani Group stocks.

Gautam Adani on Hindenburg report: Adani Group Chairman Gautam Adani leaves after addressing the Vibrant Gujarat Global Summit in Gandhinagar.(AP)
Gautam Adani on Hindenburg report: Adani Group Chairman Gautam Adani leaves after addressing the Vibrant Gujarat Global Summit in Gandhinagar.(AP)

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Gautam Adani said, "Last year, January 24, we were subject to a massive attack by a US short seller. The objective was just not to destabilize us, but also to politically defame India's governance practices. Despite the efforts to shake our foundation, we stood firm, not just safeguarding our reputation but also ensuring we remained focused on our operations."

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Read more: Stock market today: These 10 Adani shares gain up to 7%, add 57,000 crore to group market-cap

What did the Hindenburg report claim?

On January 24, 2023, Hindenburg published its report against Adani group companies alleging that the group was involved in fraudulent transactions, accounting frauds as well as stock market manipulation. This led to a massive stock rout in Adani group companies which lost $111 billion worth of investor wealth. Gautam Adani- who was listed as the world's second richest at the start of 2023- slipped out of the top 20 after the report was released.

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What Gautam Adani said on Hindenburg report earlier?

In a message to shareholders last year, Gautam Adani said, “On the eve of our Republic Day, a US-based short seller published a report just as we were planning to launch the largest Follow-on Public Offering (FPO) in India’s history. The report was a combination of targeted misinformation and outdated, discredited allegations aimed at damaging our reputation and generating profits through a deliberate drive-down of our stock prices.”

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