Mumbai13 minutes ago
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The Gautam Adani group has termed the Hindenburg Research report as an attack on India under a well-planned conspiracy. The group has issued a 413-page reply, stating that all the allegations leveled against the Adani group are false. The group also said that the real purpose of this report is to create a new market for the economic benefit of American companies.
Hindenburg report had accused Adani group of market manipulation
In fact, the Hindenburg Research Company, in a report on January 24, accused the Adani Group of market manipulation, accounting fraud and money laundering over several decades. It was also claimed in this report that all major listed companies of Adani Group have high debt and shares of all group companies are overvalued by more than 85%.
After the release of this report, there was a huge decline in the shares of Adani Group. Gautam Adani’s net worth decreased by 10% in just two days. According to Forbes, Adani has suffered a loss of Rs 1.32 lakh crore in net worth. On the other hand, in the list of the rich, Adani has slipped from number four to number seven. His net worth was Rs 9.20 lakh crore on January 25, which has come down to Rs 7.88 lakh crore on Friday.
Read what Adani Group wrote in its reply:
Adani Group wrote in response that this report is not a baseless attack on a particular company, but a planned attack on India. This is an assault on the independence, integrity and quality of Indian institutions. It is an attack on India’s growth story and ambitions.
The group said that this report has been prepared by mixing wrong information and half-baked facts. The allegations written in it are baseless and have been made with the intention of defaming. This report has only one purpose – to create a niche in the securities market by making false allegations, causing losses to countless investors and allowing the short seller Hindenburg to make huge financial gains.
In its reply, the Adani group also questioned the credibility of Hindenburg. The group said that by issuing such a report just before the IPO of the Adani Group, which would be the country’s biggest IPO, is about to be launched, Hindenburg has given proof of its bad intentions.
Samu said that Hindenburg issued this report not for the welfare of the people, but for his own selfishness. In issuing it, Hindenburg also violated the Securities and Foreign Exchange Law. Neither this report is independent, nor unbiased, nor has it been prepared after researching well.