Adani Hindenburg Row: On July 18, billionaire Gautam Adani reaffirmed that the Hindenburg report was a compilation of false facts and unsubstantiated claims. Speaking at the AGM of his group companies, he claimed that on the eve of Republic Day this year, a report to short group stocks was published by a U.S.-based short-seller called Hindenburg Research just as the company was preparing to launch the largest follow-on public offering in India’s history. “They were all settled by the appropriate authorities at that time. This report was a deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices,” he said.
Hindenburg Report Exposed as False and Unsubstantiated
On July 18, billionaire Gautam Adani reaffirmed that the Hindenburg report was a compilation of false facts and unsubstantiated claims. Speaking at the AGM of his group firms, he claimed that on the eve of Republic Day this year, a short-seller located in the United States named Hindenburg Research released a report to short the group’s equities just as it was preparing to launch the largest Follow-on Public Offering in India’s history. The report was a combination of targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015. “They were all settled by the appropriate authorities at that time. This report was a deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices,” he said.
Adani Group Withdraws Funds Amidst Allegations
In order to safeguard investors’ interests, the group ultimately chose to withdraw and return the funds despite a fully subscribed FPO. “Even though we swiftly responded with a thorough denial, vested interests tried to take advantage of the short seller’s allegations. These organisations supported and encouraged false narratives on different news and social media platforms, the speaker claimed.
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