‘Hindenburg fraud claim was a planned hit on India,’ according to Adani Group

The business run by Gautam Adani, the richest man in Asia, has responded in-depth to accusations of malfeasance made by short seller Hindenburg Research.

Adani Group claims in a document of more than 400 pages that the study is a “calculated assault on India.”

Later on Sunday, Hindenburg reported that “62 of our 88 inquiries” had not been directly addressed by Adani.

Last week, the value of the Indian conglomerate Adani Group's stock market shares was reduced by more than $50 billion (£40.4 billion).

Additionally, it claimed that it had followed all local regulations and made the required regulatory disclosures.

Adani Group stated in a 413-page document released late on Sunday that “all transactions undertaken into by us with companies that qualify as “related parties” under Indian laws and accounting standards have been appropriately reported by us.”

Without providing any supporting details, it continued by asserting that the Hindenburg report was written to help the US-based short seller record profits.

It continued, “This is fraught with conflict of interest and meant simply to establish a phoney market in securities to allow Hindenburg, an admitted short seller, to earn significant financial gain through improper tactics at the expense of several investors.

When someone wagers against the share price of a firm in the hope that it will decline, this is known as “short-selling.”

To be clear, we think India is a thriving democracy and a developing powerhouse with a promising future, stated Hindenburg in response.

We also think that the Adani Group, which has covered itself in the Indian flag while methodically robbing the country, is holding back India's development.

Fraud allegations damage the wealth of Asia's richest man.
Asia's richest man responds to accusations of fraud
It occurs as Adani Enterprises, the parent company of the Adani Group, moves forward this week with a $2.5 billion share sale.

A study released by Hindenburg last week raised concerns about the Adani Group's ownership of businesses in offshore tax havens including Mauritius and the Caribbean.

Additionally, it asserted that “significant debt” held by Adani entities put the whole company on “precarious financial standing.”

However, Adani Group announced on Thursday that it was considering “punitive and corrective measures” against Hindenburg Research in the US and India.

Adani said that company has always complied with all laws.

A response to Adani's remarks was given by Hindenburg on Thursday as well, claiming that the company had not addressed “a single serious problem we had presented.”