NEW DELHI: US-based short-seller Hindenburg Research has slammed Adani group over its “bloated response” to the allegations of ‘fraud’ that the US Company levelled against the Indian group.
Just hours after the Adani group published its 413-page response to allegations of ‘fraud’ by Hindenburg Research, the US-based short-seller stated that the Indian company has “ignores key allegations”.
“Fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised,” Hindenburg said.
Hindenburg had alleged that the Adani Group “engaged in brazen stock manipulation and accounting fraud scheme” for decades.
“Adani’s response consists of irrelevant corporate initiatives, such as how it encourages female entrepreneurship and the production of safe vegetables,” said Hindenburg.
The Adani Group had stated that the allegations by Hindenburg “is nothing short of a calculated securities fraud under applicable law”.
“This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” the Adani Group said.
Hindenburg said the Adani statement “tried to lead the focus away from substantive issues and instead stoked a nationalist narrative”.
“The Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself,” it said.
“We disagree. To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future,” said Hindenburg.