Adani Group replied on Hindenburg report, said- this is a well-planned conspiracy against India

Since the arrival of a report by American research firm Hindenburg, the stock of India's famous industrialist Gautam Adani's companies has seen a significant decline. Alam happened that in the list of the 10 richest people in the country, Gautam Adani slipped from number four to number seven. Meanwhile, a reply has been given by Gautam Adani's company on the Hindenburg report. It has been said that this is a well-thought-out conspiracy against India. Adani Group said on the Hindenburg report that it is not just an unwanted attack on a specific company, but a systematic attack on the independence, integrity and quality of India, Indian institutions and India's growth story and ambition. The group said that Hindenburg while managing his short trades to profit at the expense of investors, created these questions to divert attention from a conspiracy against India.

Last Sunday, the Adani Group filed a 413-page reply to the allegations made by Hindenburg Research. Many relevant documents have also been included. Adani Group said that the Hindenburg report has been made with a clear intention to profiteer at the expense of our shareholders and public investors. It is a manipulative document fraught with conflict of interest and aimed solely at creating a false market in securities to book false profits, which clearly constitutes securities fraud under Indian law.

American research firm Hindenburg had said in its report that 88 questions should be asked to the Ambani group. The firm had said that Adani Group did not answer these questions. Now Sunday's Adani Group, in its reply, pointed out that out of the 88 questions asked, it is pertinent to note that 68 refer to matters that it has filed in its respective annual filings, offering memorandum, financial statements and stock exchange disclosures from time to time. The report contains disclosures duly made by Adani Group companies. Of the 20 questions, 16 pertain to public shareholders and their sources of wealth, while the remaining four are baseless allegations.

Adani Group in its statement on Sunday said that it is shocked and disturbed to read the report published by Hindenburg Research on 'Madoffs of Manhattan' on January 24, which is nothing but a lie. Adani Group said the document is a malicious combination of selective misinformation. This report incites hidden facts relating to baseless and defamatory allegations with an ulterior motive.

Adani Group said that it is a matter of great concern that the statements of an entity sitting thousands of miles away without any credibility or ethics had a serious impact on our investors. The malicious intent contained in the report is clear considering its timing when Adani Enterprises Limited will be the biggest ever public offering of equity shares in India.

Adani Group said that this is not just an unwanted attack on a specific company, but a systematic attack on the independence, integrity and quality of India, Indian institutions and India's growth story and ambition.