DTI News

April 17, 2024
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Hindenburg replied to Adani Group’s 413-Pages response, says-‘Fraud is Fraud, it can’t be hidden behind nationalism

NEW DELHI: American forensic financial company Hindenburg has given its response to the 413-page reply given by Adani Group. In the constant back and forth between the Adani Group and the Hindenburg Research, all because of a report alleging fraud by Adani, the latest developments point to Hindenburg’s response.

Hindenburg had made serious allegations related to financial irregularities on Adani Group in the past. Hindenburg has said that “fraud cannot be obfuscated by nationalism.”

After this, a huge decline was registered in the shares of Adani Group.

Adani Group gave its 413-page reply in this matter late on Sunday evening, in which they have termed it as an ‘attack on India’.

Hindenburg wrote in a reply published on his website –

Hindenburg said in its statement, “To be clear, 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.”

The firm added it believes fraud is fraud even when it is perpetuated by one of the wealthiest individuals globally. 

Hindenburg’s statement comes hours after the Adani Group issued a note to its stakeholders rebutting the allegations levelled by the short seller firm. In its note to stakeholders, the Adani Group said that the report is an attempt not only to attack a specific company but also to tarnish India’s image. 

The Group stated, “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”.

The group further mentions that the report claimed to have undertaken a two-year-long investigation and uncovered evidence but had “nothing other than selective and incomplete extracts of disclosed information which has been in the public domain for years”.

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