Malicious combination of selective misinformation and stale, baseless & discredited allegations’: Adani Group on Hindenburg Research report

We are shocked that Hindenburg Research 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," the Adani Group said in a statement.
Malicious combination of selective misinformation and stale, baseless & discredited allegations’: Adani Group on Hindenburg Research report

The Adani Group on Wednesday trashed the Hindenburg Research report as a ‘malicious combination of selective misinformation and stale, baseless and discredited allegations’. The Group stocks lost Rs 46,000 crores in market cap after Hindenburg claimed that the Indian giant had participated in a clear stock manipulation and accounting fraud scheme over decades.

“We are shocked that Hindenburg Research 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,” the Group said in a statement.

The Adani Group also raised questions over the timing of the Hindenburg Research report, stating that “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,” the statement further read.

The Adani Group, which is India’s leader in infrastructure and job creation, is a diverse portfolio of market-leading businesses managed by CEOs of the highest professional calibre and overseen by experts in various fields for several decades. The Group has always been in compliance with all laws, regardless of jurisdiction, and maintains the highest standards of corporate governance,” the statement said.

Hindenburg Research report accuses Adani Group of fraud and stock price manipulation

Hindenburg Research, which claimed of having conducted an investigation for the last two years, said Gautam Adani, the founder and chairman of the Adani Group, has a net worth of approximately $120 billion, mainly due to an 819% average stock price growth in the group’s seven most significant publicly traded companies over the last three years.

The research involved interviewing multiple individuals, including former senior executives of the Adani Group, examining thousands of documents, and conducting due diligence site visits in nearly a dozen countries, Hindenburg Research said.

“Even if you ignore the findings of our investigation and take the financials of Adani Group at face value, its seven key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations,” said the forensic financial research company in its report.

The mainstream media establishment doesn’t want us to survive, but you can help us continue running the show by making a voluntary contribution. Please pay an amount you are comfortable with; an amount you believe is the fair price for the content you have consumed to date.

happy to Help 9920654232@upi 

Related Stories

No stories found.
Buy Website Traffic
logo
The Public Press Journal
publicpressjournal.com