Adani Group’s founder and chairman, Gautam Adani, alleged that the Hindenburg report was a calculated, damaging ploy to tarnish the reputation of the Adani Group and profit by temporarily causing a dip in its stock prices.

The Indian billionaire, one of the richest persons in the world, expressed this view in a discussion with the group’s shareholders.

Gautam Adani maintained confidence in the organization’s governance and disclosure standards and pledged continuous efforts to elevate these standards. The chairman thanked the stakeholders for their sustained support during this tumultuous period, pointing to the group’s unscathed reputation as evidenced by the fact that the Adani Group managed to secure several billions from international investors without any reduction in ratings by international credit agencies.

Gautam Adani alleged that the US-based short-seller released the report with the aim of shorting Adani Group stocks in anticipation of its Follow-On Public Offer (FPO). He described the report as a fusion of intentional misinformation and previously dismissed allegations, stating that most of the accusations date back to the period from 2004 to 2015.

Adani underscored that certain interested parties propagated false narratives on news and social media platforms. However, the group prioritized protecting investor interests, choosing to withdraw the FPO even after complete subscription and returning the invested money.

The chairman also mentioned the findings of a Supreme Court Expert Committee which investigated the Hindenburg allegations. The Committee, which made its report public in May 2023, found no evidence of regulatory failure. It pointed out potential targeted efforts to destabilize Indian markets and verified the quality of the Adani Group’s disclosures.

  Adani Group, Gautam Adani, Hindenburg Research, India