Indian billionaire Gautam AdaniGroup publishes 413-page rebuttal following fraud allegations by short seller Hindenburg The research erased $51 billion of the market value of his flagship firm.
Adani’s public disclosures addressed 65 of the 88 questions and the US short seller’s conduct “under applicable law amounts to nothing less than a systematic securities fraud,” Adani Group said in a statement on Sunday. It reiterated that it would “exercise its rights to pursue measures to protect its stakeholders before all appropriate authorities.”
The lengthy response comes ahead of the last few days of a $2.5 billion share sale by Adani Enterprises Ltd, which received total subscription of 1% on Friday. While investors in Indian public offerings typically wait until the last day of the sale to bid, there were concerns that Hindenburg’s attack on the country’s richest man would sour sentiments.
In its response, Adani said, “This is not just an unwarranted attack on a specific company, but a well-planned attack on the freedom, integrity and quality of India, Indian institutions, and the growth story and ambition.”
US-based Hindenburg on January 24 – on the eve of Adani’s share sale – published a 100-page report alleging that its two-year investigation had found that the Adani group was “a brazen stock manipulation and accounting fraud”. was involved in the plan.” It also called out the group’s “substantial debt”. The firm, which said it has taken short positions in Adani’s companies through US-traded bonds and non-Indian-traded derivatives, declined to share trade details when contacted. bloomberg news,
Adani’s public disclosures addressed 65 of the 88 questions and the US short seller’s conduct “under applicable law amounts to nothing less than a systematic securities fraud,” Adani Group said in a statement on Sunday. It reiterated that it would “exercise its rights to pursue measures to protect its stakeholders before all appropriate authorities.”
The lengthy response comes ahead of the last few days of a $2.5 billion share sale by Adani Enterprises Ltd, which received total subscription of 1% on Friday. While investors in Indian public offerings typically wait until the last day of the sale to bid, there were concerns that Hindenburg’s attack on the country’s richest man would sour sentiments.
In its response, Adani said, “This is not just an unwarranted attack on a specific company, but a well-planned attack on the freedom, integrity and quality of India, Indian institutions, and the growth story and ambition.”
US-based Hindenburg on January 24 – on the eve of Adani’s share sale – published a 100-page report alleging that its two-year investigation had found that the Adani group was “a brazen stock manipulation and accounting fraud”. was involved in the plan.” It also called out the group’s “substantial debt”. The firm, which said it has taken short positions in Adani’s companies through US-traded bonds and non-Indian-traded derivatives, declined to share trade details when contacted. bloomberg news,