Billionaire Gautam Adani-led group Adani Enterprises has come forward and responded to the Hindenburg Research report allegations in a mammoth way. The response that spans over 413 pages call short seller Hindenburg’s allegations nothing but a lie, one that is an attack on not just Adani but also India.
The 413-pages long response begins by reading ‘a note of caution to our stakeholders.’ While referring to the Hindenburg Research report driven by “an ulterior motive,” Adani’s response goes on to add that the report has been released to “create a false market,” one that would allow the US-based firm to make financial gains.
It reads, “The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive. This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors.”
Calling the report full of “mala fide intentions” ahead of the FPO, Adani’s response goes on to add, “This is 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.”
However, rather than just responding to Hindenburg’s allegations, Adani’s response also goes on to question the research company’s viable existence. It reads, “Despite all its talks of “transparency”, Hindenburg has actively concealed the details of its short positions, the source of its own funding, who is behind them, the illegality underlying the synthetic structures by which they hold such positions, or the profit it has made by holding such positions in our securities.”
Adani’s response to Hindenburg’s allegations comes just a day after the company clarified that its Rs 20,000 crore-worth FPO would continue as per schedule. After reports of bankers claiming a delay or price cut surfaced, Adani Enterprises came forward and clarified that it was confident about the success of the FPO.
