Hindenburg report 'malicious attempt' to damage reputation: Gautam Adani

A report released by short seller Hindenburg based in the United States in January was a "combination of targeted misinformation and discredited allegations" and a "deliberate and malicious attempt" at damaging the Adani Group's reputation, Gautam Adani said on Tuesday. Speaking at the group's annual general meeting (AGM), its chief Adani said the report aimed to generate profits from a short-term drive down of the stock prices.

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"The majority of allegations dated from 2004 to 2015. They were all settled by appropriate authorities at that time," he said. "While we promptly issued a comprehensive rebuttal, various vested interests tried to exploit the claims made by the short seller. These entities encouraged and promoted false narratives across various news and social media platforms."