Billionaire Gautam Adani issues rebuttal of allegations on Hindenburg Research
Key takeaways:
- Gautam Adani Group says Hindenburg fake claim ‘planned attack on India.’
The firm owned by Asia’s wealthiest man the Billionaire Gautam Adani issues a detailed refusal of allegations of misconduct by short-seller Hindenburg Research.
Billionaire Gautam Adani denies allegations by the Hindenburg Research:
In a report, which runs to almost 400 pages, Adani Group says the document is a “planned attack on India”.
Later on Sunday, Hindenburg stated, “Adani failed to precisely reply 62 of our 88 questions” detailed in its document.
Adani Group of Gautam Adani losing money in the share market:
Adani Group, an Indian empire, had almost $50bn (£40.4bn) wiped off its share market value last week.
It even said that it had relented with all local rules and had made the required regulatory exposures.
“All dealings entered into by us with entities who limit as ‘related parties’ under Indian laws and accounting measures have been duly revealed by us,” Adani Group stated in a 413-page report issued late on Sunday.
It blamed the Hindenburg report for being intended to allow the US-based short seller to book gains without citing proof.
“This is rife with the battle of interest and planned only to make a false market in securities to allow Hindenburg, an admitted short seller, to book huge financial growth through illegal means at the cost of numerous investors,” it added.
“Short-selling” is when somebody bets against a firm’s share price, expecting it to drop.
Hinderburg’s response to Gautam Adani:
Hinderburg replied, “To be precise, we think India is a rich democracy and an emerging superpower with an exciting future.”
“We also think India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically robbing the country’s money.”
