Hindenburg report 'targeted misinformation', says Adani

Lashing out at US short-seller Hindenburg Research, whose report erased billions of dollars in market value of Adani Group companies, Gautam Adani, the group’s chairman, said the report was engineered to make profits by impacting the conglomerate’s share prices.

- Mayur Bhalerao

 

“The report was a combination of targeted misinformation and outdated, discredited allegations aimed at damaging our reputation and generating profits through a deliberate drive-down of our stock prices," Adani said in a letter to shareholders in Adani Enterprises’ annual report for FY23, which was released on Tuesday.

Hindenburg had accused the ports-to- renewable energy conglomerate of accounting fraud and stock price manipulation in a report on 24 January, which forced flagship Adani Enterprises to pull a ₹20,000 crore follow-on public offer (FPO) days later, besides wiping out $120 billion of shareholder wealth by late February.

Adani claimed that “vested interests" tried to exploit the claims made by Hindenburg, which resulted in several adverse consequences despite prompt and comprehensive rebuttals by the company.