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Business News/ Companies / News/  Hindenburg's response to Adani's 413-page rebuttal: 'Fraud cannot be obfuscated by nationalism'
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Hindenburg's response to Adani's 413-page rebuttal: 'Fraud cannot be obfuscated by nationalism'

Referring to India as a vibrant democracy and one with a bright future, Hindeburg's response goes on to add that the country's future is 'held back by Adani Group'

A scathing report by Hindenburg Research claiming brazen stock manipulation and accounting fraud scheme by Adani Group led to a bloodbath at Dalal Street (REUTERS)Premium
A scathing report by Hindenburg Research claiming brazen stock manipulation and accounting fraud scheme by Adani Group led to a bloodbath at Dalal Street (REUTERS)

The Hindenburg Research has responded to Adani Group's rebuttal to its allegations. Refuting Adani's 413-pages long response, Hindenburg has said that "fraud cannot be obfuscated by nationalism."

Referring to India as a vibrant democracy and one with a bright future, Hindeburg's response goes on to add that the country's future is "held back by Adani Group." It reads, "In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself. We disagree. To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation."

Our report asked 88 specific questions of the Adani Group. In its response, Adani failed to specifically answer 62 of them. Instead, it mainly grouped questions together in categories and provided generalized deflections, in its latest statement, the short seller said.

Market impact on Adani Group stocks

Meanwhile, Adani Green Energy Ltd., Adani Total Gas Ltd. and Adani Transmission Ltd. each fell by more than 10% as trading started in Mumbai, while Gautam Adani’s flagship firm Adani Enterprises Ltd. defied the trend by rising 6.3%.

Adani's rebuttal

On Sunday, Adani Group issued a detailed riposte to a Hindenburg Research report, saying it complies with all local laws and had made the necessary regulatory disclosures. "All transactions entered into by us with entities who qualify as 'related parties' under Indian laws and accounting standards have been duly disclosed by us," Adani said in the 413-page response issued late on Sunday.

"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," it added.

Hindenburg claims brazen stock manipulation by Adani Group

A scathing report by Hindenburg Research claiming brazen stock manipulation and accounting fraud scheme by Adani Group led to a bloodbath at Dalal Street.

Hindenburg's response came ahead of the final few days of a $2.5 billion share sale by Adani Enterprises Ltd., which received overall subscriptions of 1% on Friday.

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Published: 30 Jan 2023, 09:02 AM IST
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