Friday, March 29, 2024

“We asked 88 straightforward questions. Adani has answered one of these”: Hindenburg

Hindenburg Research said on Thursday that Adani hasn’t addressed a single substantive issue they raised in their report.

“In the 36 hours since we released our report, Adani hasn’t addressed a single substantive issue we raised. At the conclusion of our report, we asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions,” the United States based group said in a statement.

“Instead, as expected, Adani has resorted to bluster and threats. In a statement to media today, Adani referred to our 106-page, 32,000-word report, with over 720 citations and prepared over the course of 2 years, as “unresearched” and said it is “evaluating the relevant provisions under U.S. and Indian laws for remedial and punitive action” against us,” read the statement.

“Regarding the company’s threats of legal action, to be clear, we would welcome it. We fully stand by our report and believe any legal action taken against us would be meritless.
If Adani is serious, it should also file suit in the U.S. where we operate. We have a long list of documents we would demand in a legal discovery process,” it said.

Hindenburg Research , the investment research firm alleged that Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.

“Gautam Adani, Founder and Chairman of the Adani Group, has amassed a net worth of roughly $120 billion, adding over $100 billion in the past 3 years largely through stock price appreciation in the group’s 7 key listed companies, which have spiked an average of 819% in that period,” it said.

Adani group, which is led by Gautam Adani, the world’s third richest person according to Forbes Magazine, dismissed the US short seller’s claims as baseless, saying it was timed to damage its reputation ahead of a large share offering.

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