Referring to India as a vibrant democracy and a bright future, Hindberg's response further stated that the country's future is 'blocked by the Adani Group'.
Hindenburg Research has responded to Adani Group's refutation of the allegations. Refuting Adani's 413-page long reply, Hindenburg has said that "fraud cannot be obscured by nationalism."
Referring to India as a vibrant democracy and a bright future, Hindberg's response further stated that the country's future is "blocked by the Adani Group". It reads, "In short, the Adani Group has attempted to combine its meteoric rise and the wealth of its chairman, Gautam Adani, with the success of India. We disagree. To be clear, we believe that India is a vibrant democracy and a vibrant democracy. An emerging superpower with an exciting future. We also believe that India's future is being held back by the Adani group, which has wrapped itself in the Indian flag while systematically looting the country "
In our report, 88 specific questions were asked from Adani Group. In response, Adani failed to specifically answer 62 of them. Instead, it primarily grouped questions together into categories and provided normalized deflections, the short seller said in its latest statement.
Market impact on Adani Group shares
Meanwhile, Adani Green Energy Ltd, Adani Total Gas Ltd and Adani Transmission Ltd declined over 10% each as trading resumed in Mumbai, while Gautam Adani's flagship firm Adani Enterprises Ltd gained 6.3%. rejected the trend.
Adani's rebuttal
On Sunday, Adani Group issued a detailed retort to the Hindenburg Research report, saying it complies with all local laws and has made required regulatory disclosures. "All transactions entered into by us with entities that qualify as 'related parties' under Indian laws and accounting standards have been duly disclosed," Adani said in a 413-page reply released late on Sunday night.
It states, "It is rife with conflicts of interest and merely a false market-making attempt in securities to enable Hindenburg, an approved short seller, to unfairly book massive financial gains at the expense of countless investors." is intended."
Hindenburg claims brazen stock manipulation by Adani group
A scathing report by Hindenburg Research has claimed that a brazen stock manipulation and accounting fraud scheme by the Adani group led to the bloodbath in Dalal Street.
