Hindenburg Adani Case: Hindenburg Research has refuted Adani Group’s 413 page long response to a report which outlined numerous issues of fraud. It went on to state:
“fraud cannot be obfuscated by nationalism”.
Hindenburg Research: Fraud cannot be obfuscated by nationalism
Response from Hindenburg came hours after Gautam Adani’s group likened the damaging allegations by it as a “calculated attack” on India.
Further Hindenburg Research claimed that disconcerted response from Adani Group ignored key allegations which were labeled against it
“The Adani Group predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative.”
It also alleged that Adani Group has
“attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself.”
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Hindenburg Research also opined,
“We disagree. To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation,”
It also went on to state
“We also believe that fraud is fraud, even when it’s perpetrated by one of the wealthiest individuals in the world.”
Pointers of Adani Group’s 413 page report
• Likened the damning allegations made by short seller Hindenburg Research to a “calculated attack” on India, its institutions and growth story, saying the allegations are “nothing but a lie”.
• Report driven by “an ulterior motive” to “create a false market” to allow the US firm to make financial gains.
• Of the 88 questions raised by Hindenburg, 65 of them relate to matters that have been duly disclosed by Adani portfolio companies
Allegations by Hindenburg Research
Hindenburg Research alleged in its report that its two year investigation found the Adani Group“engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.
Impact on Adani Group
In just two trading sessions, the Adani Group loses more than USD 50 billion in market value, and Adani personally loses more than USD 20 billion, or almost one-fifth of his total wealth.
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