Adani Group rebuts US-based short-seller’s report


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.




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