Adani Group has issued a detailed response rebutting US-based short seller Hindenburg’s report on its debt positioning. The report, mischievously timed before Adani’s Follow on Public Offer (FPO), was rubbished by the Indian conglomerate as “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.”
Hindenburg holds short positions in various listed companies of the Adani portfolio through U.S. traded bonds and non-Indian-traded derivatives, along with other non-Indian-traded reference securities. Adani termed Hindenburg as an unethical short seller who intended to make a windfall gain by causing a downward spiral of share price through false allegations. [A short seller in the securities market books gains from the subsequent reduction in prices of shares.]
Adani Group said none of the 88 questions raised by the Hindenburg’s report was based on independent or journalistic fact-finding.
The group said 65 of the 88 questions related to matters that have been duly disclosed by Adani Portfolio companies in their annual reports available on their websites, offering memorandums, financial statements, and stock exchange disclosures. Of the balance 23 questions, 18 related to public shareholders and third parties, while the balance five are baseless allegations.
“Hindenburg’s conduct is nothing short of a calculated securities fraud under applicable law,” Adani Group said in its response.
Adani responses to the Hindenburg report as also the “88 questions” raised in the report can be accessed on the stock exchange link.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.