Hindenburg report a malicious attempt to damage reputation: Adani opens up

New Delhi: Adani Group chairman Gautam Adani on Tuesday came down on the US-based short seller Hindenburg Research’s report, calling it ‘a combination of targeted misinformation and discredited allegations’.

Adani was addressing the group’s Annual General Meeting 2023, when he touched upon the controversial report terming it ‘an attempt at damaging company’s image’, The Indian Express reported.

The billionaire pointed out that the report came out just before the Adani Enterprises’ follow-on public offer.

‘Subsequently, despite a fully subscribed FPO, we decided to return the money to investors to protect their interests. While we issued our rebuttal, various vested interests targeted us,’ Adani was quoted as saying.

He said that majority of ‘misinformation and discredited allegations’ carried in the report dated from 2004 to 2015, which were ‘all settled by authorities at the time’.

Calling the report a deliberate and malicious attempt, he said it was aimed at damaging the group’s ‘reputation and generating a profit by driving down its stock prices.’

Adani reportedly claimed the group had raised several billions from international investors and no credit has agency cut its ratings.

Adding further he mentioned the ‘Report of Supreme Court’ helped build confidence in the group and he assured that the group is ‘confident of governance and disclosure standards’.

Following the US-short seller’s report in January, alleging stock market manipulation, Adani group suffered setback with stocks spiraling down threatening collapse.

A few months later in May, the Supreme Court’s panel in its report found no evidence of a ‘regulatory failure’ on the part of Securities and Exchange Board of India.