• News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

'Unwarranted Attack On India And Its Growth Story,' Adani Responds To Hindenburg Allegations

The statement raised questions on the mala fide intention of the report, which was released days before Adani Enterprises' further public offering (FPO)

Photo Credit :


The Adani Group on Sunday night released a 413-page document listing point-by-point responses to allegations made by Hindenburg Research last week related to stock market manipulation and various accounting frauds.

The Adani Group called the report an unwarranted attack on India and its growth story.

"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," the Group said.

The Group said that it is shocked and deeply disturbed to read the report published by Hindenburg Research, calling it "nothing but a lie."

"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," the Group said in a statement.

The statement raised questions on the mala fide intention of the report, which was released days before Adani Enterprises' further public offering (FPO).

The response has been released covering three broad themes from the Hindenburg Report, namely – (i) Selective and manipulative presentation of matters already in the public domain to create a false narrative

 (ii) Complete ignorance or deliberate disregard of the applicable legal and accounting standards as well as industry practice.

(iii) Contempt for the Indian institutions including the regulators and the judiciary.

On the 88 questions or allegations by Hindenburg Report, the Adani Group said that none of the 88 questions is based on independent or journalistic fact finding.

They are simply selective regurgitations of public disclosures or rhetorical innuendos colouring rumours as fact, the Group said.

It added that out of the 88 questions, 65 of the matters have been duly disclosed by Adani Portfolio companies in their annual reports available on their websites.

18 questions related to public shareholders and third parties and the rest five are "baseless allegations based on imaginary fact patterns."

It said the report has been published purely out of selfish moves and in flagrant breach of applicable securities and foreign exchange laws.

The Group reaffirmed its compliance with all applicable laws and regulations. "

We are committed to the highest levels of governance to protect the interests of all our stakeholders, it said.

Tags assigned to this article:
adani group Hindenburg Research