Adani group hits back at Hindenburg, says ‘attack on India’

NEW DELHI-   Describing the Hindenburg report which created panic in the country’s business world as fake, Adani Group has called it an attack on India. According to the news published in The Hindu, Adani Group has termed this report as ‘an attack on India and its independent institutions’.

After the 413-page report released to investors on Saturday, Adani Group’s Chief Financial Officer (CFO) Jugshinder Singh told in an interview that American firm Hindenburg Research had asked 88 questions to Adani Group in its report. Adani group called 68 out of 88 questions are fake. On behalf of Adani Group, it was said that out of 88 questions, 68 questions are fake and misleading. On behalf of the company, it has been said that Hindenburg’s report is made on the basis of ‘false information and false allegations’.

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Let us tell you that Hindenburg had told the companies of Adani Group to be overvalued. After this report came out, there has been a huge fall in the shares of Adani Group. After this Adani Group has answered Hindenburg’s questions in 413 pages.

Adani Group said in its reply that we follow all the applicable rules and laws. All the listed companies of Adani Group have a strong governance framework. The group said that this is not just an unwarranted attack on a specific company, but a systematic attack on India, the independence, integrity and quality of Indian institutions, and India’s growth story and ambitions.

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In its reply, the group said that the allegations made in the January 24 report of Hindenburg Research were ‘nothing but lies’. The document is a malicious combination of selective misinformation, making baseless allegations with a stated purpose to defame the group. Hindenburg Securities is trying to create a false market to make huge profits through short selling at the loss of a large number of investors.

Adani Group said in its reply that the IPO of Adani Group is about to be launched, which will be the biggest IPO in the country. Earlier, Hindenburg has given proof of his bad intentions by issuing such a report.