Adani Group To Take Action Against Hindenburg For “Mischievous” Report

Adani Group in its official statement on Thursday said it is likely to take "remedial and punitive action" under US and Indian laws against the investment research firm, Hindenburg, for accusing the multinational conglomerate of improper offshore tax havens in its report.

According to official claims, Hindenburg’s report has caused a great set-back to the company as the research corporation stated that Adani Group holds a short position in the conglomerate through its US-traded bonds and non-Indian-traded derivative instruments, causing a humongous loss of around USD 10.73 billion market capitalisation in India that listed seven groups of companies, subsequently causing its US bonds to fall as well

Adani Group’s legal head, Jatin Jalundhwala, had tagged the US research group report as “maliciously mischievous, (and) unresearched” in its official statement to Indian exchanges.

We are estimating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg as its report has adversely affected our shareholders and investors, he added.

Meanwhile, Hindenburg has not officially responded to Adani’s accusation.