Hindenburg Research accuses the group of being the “biggest con in corporate history.'
Adani's fortune dropped by more than $22 billion to around $97 billion in the first trading hours of Friday, 27th January 2023, as per the Forbes Real Times Billionaire Index,
“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.Fundamentally, the accusations against Adamani consist of claims that the group was loading companies with debt that puts the entire group on a “precarious financial footing."
“Clearly, the report and its unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg Research, by their own admission, is positioned to benefit from a slide in Adani shares,” Adani Group’s legal head Jatin Jalundhwala said in a statement released on Thursday and acquired by The Guardian.
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