Gautam Adani slams Hindenburg Research Report for focused de-stabilisation of Indian market

On Tuesday (July 18), billionaire businessman Gautam Adani hit out at US-based short-seller ‘Hindenburg Research’ on the annual normal assembly (AGM ) of Adani Enterprises.

“While we promptly issued a comprehensive rebuttal, various vested interests tried to exploit the claims made by the short seller. These entities encouraged and promoted a false narrative across various news and social media platforms,” he emphasised.

The businessman added, “Consequently, the honourable Supreme Court of India constituted an expert committee to look into the matter…The committee included individuals, known for their independence and integrity. The report of the expert committee was made public in May 2023,”

#WATCH | “…While we promptly issued a complete rebuttal, numerous vested pursuits tried to use the claims made by the quick vendor. These entities inspired and promoted a false narrative throughout numerous information and social media platform. Subsequently, the SC constituted… pic.twitter.com/wiKnEakusi

— ANI (@ANI) July 18, 2023

“The expert committee did not find any regulatory failure…The committee’s report not only observed that the mitigating measures undertaken by your company helped re-build confidence but only cited that there were credible charges of targetted destabilisation of the Indian market,” Gautam Adani concluded.

Hindenburg Research report accuses Adani Group of fraud and inventory value manipulation

Hindenburg Research, which claimed of getting carried out an investigation for the previous two years, mentioned Gautam Adani, the founder and chairman of the Adani Group, has a web price of roughly $120 billion, primarily resulting from an 819% common inventory value progress within the group’s seven most important publicly traded corporations during the last three years.

The analysis concerned interviewing a number of people, together with former senior executives of the Adani Group, analyzing 1000’s of paperwork, and conducting due diligence website visits in almost a dozen nations, Hindenburg Research mentioned.

“Even if you ignore the findings of our investigation and take the financials of Adani Group at face value, its seven key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations,” mentioned the forensic monetary analysis firm in its report.

US-based funding analysis agency Hindenburg Research printed a 32,000-word report, accusing the Adani Group of inventory manipulation and use of tax havens.

The Adani Group trashed the Hindenburg Research report as a “malicious combination of selective misinformation and stale, baseless and discredited allegations”. On January 29, the Indian conglomerate slammed Hindenburg Research with a 413-page report, dismissing allegations levelled by the latter