LI Network
Published on: 29 January 2023 at 23:41 IST
Reverting on Hindenburg Research, Adani Group issued a detailed statement countering the serious stock manipulation allegations levelled by Hindenburg on Adani Group.
Adani Group in the statement said, it is “shocked and deeply disturbed” to read the recent reports.
The Gautam Adani-led group likened the allegations levied by short seller Hindenburg Research to a “Calculated Attack” on India, its institutions and growth story.
In an extensive 413-page response, the group said the allegations are “nothing but a lie“. It added that report was driven by “an ulterior motive” to “create a false market” to allow the US firm to make financial gains.
Group added in the statement, “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 document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive, Adani Group said.
All seven Adani group companies’ stocks fell sharply over the last two trading sessions, wiping out Rs 10.7 lakh crore of investor wealth after Hindenburg Research alleged that the ports-to-energy-to-cement conglomerate had engaged in “brazen stock manipulation and accounting fraud” for decades.
The sell-off is being looked into by market regulator SEBI and stock exchanges. The report comes at a time when Adani Enterprises launched a $2.5 billion follow-on public offer (FPO).