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Hindenburg report attack on India: Adani Group's 413-page reply

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Adani Group likened the allegations levied by short seller Hindenburg Research to a "calculated attack" on India, its institutions and growth story.

New Delhi, Jan 29: Richest Indian Gautam Adani's Group has slammed the Hindenburg Research Report calling it a "calculated attack on India."

In a 413-page response, Adani Group said the report was driven by "an ulterior motive" to "create a false market" to allow the US firm to make financial gains. "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," it said, according to a PTI report.

Adani slams Hindenburg report, calls it attack on India

In the summary of the long response by Adani Group, it said the report was "nothing but a lie" and called the report a malicious combination of selective misinformation while responding to all 88 questions raised by Hindenburg, ANI reported.

The 413-page response stated that the report was 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".

Last week, a report from Hindenburg Research on Indian tycoon Gautam Adani's business empire sparked a USD 51 billion sell-off in shares of his group companies, pushing him four places down on the world billionaire index.

The report said that the Adani Group had "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades". The disclosure came just ahead of Adani Enterprises' Rs 20,000 crore open offer of shares to investors.

Adani Group refuted allegations and said, "The timing of the report's publication clearly betrays a brazen, mala fide intention to undermine the Adani Group's reputation with the principal objective of damaging the upcoming Follow-on Public Offering from Adani Enterprises, the biggest FPO ever in India," Jugeshinder Singh, Group CFO at the Adani Group said.

Investment research firm Hindenburg responded to Gautam Adani-led Adani Group after the business conglomerate said it would seek 'remedial and punitive action' against it over accusations of improper use of offshore tax havens.

"In the 36 years since we released the 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." a statement by the firm on its Twitter handle read.

"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," it said.

With inputs from agencies

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