Hindenburg report an attack on India: Adani

The report published by the "Madoffs of Manhattan", Hindenburg Research, on January 24 is a calculated attack on India and nothing but a lie, the Adani Group said on Sunday

The Adani Group said it is shocked to read the report, which is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations for an ulterior motive.

The publishing of the report is rife with conflict of interest and 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, it said.

It is tremendously concerning that the statements of an entity sitting thousands of miles away, with no credibility or ethics has caused serious and unprecedented adverse impact on investors, the company said. The mala fide intention underlying the report is apparent given its timing, it said. 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, Adani Group said.