A report on Adani Group has been endorsed by Hindenburg Research on Thursday. If Adani Group wants to take legal action against us, we are ready for it, he said.
New Delhi: Hindenburg Research on Thursday said it stands by its Adani Group report. ‘To be clear about the company’s threats of legal action, we would welcome that. We fully stand by our report and believe that any legal action against us would be without merit, Hindenburg Research said in a statement posted on its official Twitter account.
Adani Group Statement: The report published by Hindenburg Research on January 24 is malicious, mischievous and without research. This has adversely affected our shareholders and investors, the Adani Group said in a statement on Thursday. Adani’s legal group head Jatin Jalundhwala said the report had created volatility in the Indian stock market. People had to face a lot of hardships. He said the report was prepared to have a detrimental effect on the share prices of Adani group companies.
Punitive action against Hindenburg: He added, ‘Hindenburg Research has disclosed that we hold small positions in Adani group companies through US-traded bonds and non-Indian-traded derivatives as well as other non-Indian-traded reference securities. We are deeply troubled by this deliberate and reckless attempt by a foreign organization to mislead the investing community and the general public. Such allegations are being leveled to tarnish the goodwill and reputation of the Adani Group and its leaders. We are evaluating the relevant provisions under US and Indian law for punitive action against the Hindenburg research’.
Allegations against us baseless : On Wednesday, Adani Group Chief Financial Officer (CFO) Jugshinder Singh said, “We are shocked that Hindenburg Research has published a report on January 24, 2023 without making any attempt to contact us or verify the factual matrix. This report is a malicious combination of selective and inaccurate information and stale and baseless allegations. It has been rejected by the Supreme Courts of India.’
Hindenburg Allegations of Corruption : According to a report by US firm Hindenburg, after two years of research, it was found that the Rs 17,800 billion Adani group has been involved in ‘common transactions and accounting fraud’ for decades. The report comes ahead of Adani Group flagship Adani Enterprises’ opening of applications for its Rs 20,000-crore follow-on public offering (FPO). The company’s FPO will open on January 27 and close on January 31.
