Hindenburg allegations lies, attack on India: Adani Group's 413-page reply - Hindustan Times
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Hindenburg allegations nothing but lies, attack on India: Adani Group's 413-page reply

Jan 30, 2023 01:47 AM IST

The Hindenburg report is neither independent nor objective and intended to create a false market in securities to enable Hindenburg to book gains, Adani Group said in a detailed statement issued on Sunday.

The Adani Group on Sunday issued a detailed statement on the Hindenburg report and said the allegations against the company are nothing but lies. The Hindenburg report is neither independent, objector nor well-researched, the 413-page statement said. Read | LIC doubles down on Adani amid Hindenburg's fraud claims

The Adani Group issued a detailed statement on the Hindenburg report.(REUTERS)
The Adani Group issued a detailed statement on the Hindenburg report.(REUTERS)

The Adani Group said there are multiple false narratives being created in relation to certain allegations concerning diamond exports. Reports made misleading claims around offshore entities being allegedly 'related parties' without regard for applicable law. The report only intended to create a false market in securities to enable Hindenburg to book gains. The Adani Group is in compliance with all applicable laws and regulations, the statement said.

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Raising financing against shares as collateral is a common practice globally, the Adani Group statement said.

"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," it said. Read | Answer on LIC, SBI's exposure to Adani stocks: BRS leaders to Modi govt

US-based short seller Hindenberg Research came up with a report on January 24 and claimed that their researchers after a two-year investigation found that Adani Group "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".

Of the 88 questions raised by Hindenburg, 65 of them relate to matters that have been duly disclosed by Adani portfolio companies, Adani Group said. “Of the balance 23 questions, 18 relate to public shareholders and third parties (and not the Adani portfolio companies), while the balance 5 are baseless allegations based on imaginary fact patterns,” the statement read.

(With agency inputs)

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