Want to destabilize, defame: Gautam Adani invokes attack on Hindenburg Report, here's why

He described the report as a concoction of misinformation and outdated allegations aimed at sabotaging the group's reputation and manipulating stock prices for profit.

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Courtesy: Top Indian News

New Delhi: Gautam Adani, chairman of the Adani Group, has addressed the Hindenburg report, dismissing it as an attempt to undermine the Adani Group and tarnish India's current administration. His remarks come more than a year after the US-based investment research firm, Hindenburg, published a damning report on Adani Group stocks.

Adani's assertion

Gautam Adani rebuffed the allegations, emphasizing the resilience of the Adani Group in the face of adversity. He stated, "Last year, January 24, we were subject to a massive attack by a US short seller. The objective was just not to destabilize us, but also to politically defame India's governance practices." Despite the concerted efforts to disrupt operations and tarnish their reputation, Adani emphasized the group's unwavering resolve to uphold integrity and focus on operational excellence.

Impact of the Hindenburg report

Published on January 24, 2023, the Hindenburg report alleged fraudulent transactions, accounting irregularities, and stock market manipulation within the Adani Group. This triggered a significant downturn in Adani group companies, resulting in a staggering loss of $111 billion in investor wealth. Gautam Adani, previously ranked as the world's second-richest individual, plummeted out of the top 20 wealthiest after the report's release.

Adani's response to shareholders

Addressing shareholders amidst the fallout, Gautam Adani condemned the timing of the report, coinciding with the group's plans to launch the largest Follow-on Public Offering (FPO) in India's history. He described the report as a concoction of misinformation and outdated allegations aimed at sabotaging the group's reputation and manipulating stock prices for profit.

Gautam Adani's steadfast response underscores the Adani Group's commitment to transparency and resilience in the face of adversity. As the group continues to navigate challenges, Adani remains resolute in safeguarding its integrity and advancing its strategic objectives.