Hindeburg claims Adani holding India back. The statement says: “Adani Group has tried to associate its rapid growth and Gautam Adani’s wealth with India’s success, but we disagree. India is a dynamic democracy with a promising future, hindered by Adani Group, who’ve used the Indian flag while exploiting the nation.”
Adani fails to answer 62 of 88 questions in report. Adani grouped questions together in categories and provided generalized answers instead of specific ones, says the short seller.
Adani stocks see market drop. Adani Green Energy, Adani Total Gas, and Adani Transmission dropped over 10% in Mumbai trading, except for Adani Enterprises, which rose 6.3%.
Adani issues detailed rebuttal. Adani Group responded to the Hindenburg Research report, stating it follows all local laws and has made necessary disclosures. Adani says: “Transactions with related parties have been disclosed and Hindenburg’s report is full of conflicts of interest, aimed at creating a false market for their own financial gain at the expense of investors.”
Hindenburg alleges Adani stock manipulation and fraud. Hindenburg’s report caused a downturn in the market and alleged Adani Group engaged in brazen stock manipulation and accounting fraud. The report came before the final days of a $2.5 billion Adani Enterprises share sale, which only received 1% subscriptions on Friday.
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