Adani Group has published a detailed rebuttal running to more than 400 pages against allegations of fraud made by a US investment firm
, calling the short seller’s investigation of the ports-to-power conglomerate “a calculated attack on India.” Hindenburg Research released a report on billionaire Gautam Adani’s business last week, accusing it of “brazen stock manipulation and accounting fraud scheme over the course of decades.” It said it had taken a short position in the Adani Group’s companies, meaning it would benefit from a drop in their value.
“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. Hidenburg had concluded its report last week with 88 questions for the Adani Group. These ranged from asking for details on the group’s offshore entities, to why it has “such a convoluted, interlinked corporate structure.
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