Hindenburg Research has rejected Adani Group’s charge that its report was an attack on India. The agency claimed that the fraud cannot be obfuscated by nationalism or a bloated response that ignored the response to key allegations. Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was the Adani Group that was holding it back through systematic loot.
Hindenburg stood by its report that said its two-year investigation found Adani Group engaged in brazen stock manipulation. The Group has engaged in an accounting fraud scheme over decades. Hindenburg said the response by Gautam Adani opened with the sensationalistic claim that we are the ‘Madoffs of Manhattan. Adani also claimed he has committed a flagrant breach of applicable securities and foreign exchange laws.
Adani Group had likened the damning allegations levied by Hindenburg to a calculated attack on India.
Despite Adani’s failure to identify any such laws, this is another serious accusation that we categorically deny. Adani Group had likened the damning allegations levied by Hindenburg to a calculated attack on India. Its institutions, and its growth story, saying the allegations are nothing but a lie. It said the report was driven by an ulterior motive to create a false market to allow the US firm to make financial gains by dragging stock prices down. The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive.
This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg. An admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors, it had said questioning the credibility and ethics of Hindenburg. Hindenburg responded by saying Adani Group predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative. Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself,” it said.