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Hindenburg Research, which claims it held short positions in Adani Group stocks, in its latest report included 88 questions in the conclusion part.

"The 7 listed companies Of Adani Group are 85%+ overvalued even if you ignore our investigation and take the companies’ financials at face value," said the report.

The group stocks fell in trade today.

In a tweet, the research firm has asked Gautam Adani to answer the questions they have put up.

The tweet read: “We have included 88 questions in the conclusion of our report. If Gautam Adani truly embraces transparency, as he claims, they should be easy questions to answer. We look forward to Adani’s response."

Some of the questions on the report are:

- Why was Gautam Adani’s younger brother, Rajesh Adani promoted to serve as Managing Director at the Adani Group despite allegations of customs tax evasion, forging import documentation and illegal coal imports against him?

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- Why was Gautam Adani’s brother-in-law Samir Vora named Executive Director of the Adani Australia division despite allegations of him being a part of diamond trading scam against him?

While the company has not yet answered the 88 questions highlighted in the report, but it has issued a statement saying that the claims made in the report undermine the Adani Group’s reputation just ahead of its upcoming follow-on public offering.

“We are shocked that Hindenburg Research has published a report on 24 January 2023 without making any attempt to contact us or verify the factual matrix. The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts," said said Jugeshinder Singh, Group CFO, Adani.

“The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming Follow-on Public Offering from Adani Enterprises, the biggest FPO ever in India. The investor community has always reposed faith in the Adani Group on the basis of detailed analysis and reports prepared by financial experts and leading national and international credit rating agencies. Our informed and knowledgeable investors are not influenced by one-sided, motivated and unsubstantiated reports with vested interests," he added.

Adani Enterprises much-talked about FPO is scheduled to open on January 27, 2023 and close on January 31, 2023. Adani Enterprises FPO price has been fixed at 3,112 to 3,276 per equity share.

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