Hindenburg Research took jabs at Adani group on Monday reiterating its allegations that the Indian conglomerate is a fraud after the Gautam Adani-led firm’s 413-page response to the short seller’s original research report. Adani’s response had said that the Hindenburg report is a “calculated attack” on India, its institutions and growth story, and that the allegations are “nothing but a lie”. Hindenburg in its response to Adani’s response said that the conglomerate, “tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a “calculated attack on India.” In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself.” Disagreeing with Adani‘s claim that the report is an attack on India, Hindenburg said, “we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation. We also believe that fraud is fraud, even when it’s perpetrated by one of the wealthiest individuals in the world.” The short seller claimed that even in the 413-page response, Adani group largely either confirmed or attempted to sidestep their findings. “Our report asked 88 specific questions of the Adani Group. In its response, Adani failed to specifically answer 62 of them. Instead, it mainly grouped questions together in categories and provided generalized deflections,” it said.
