Adani Group Responds To Hinderburg Report, Calls It Malicious

Mumbai
Adani Group termed a Hindenburg Research report on the group a malicious combination of selective misinformation and stale after the US short seller revealed it held short positions in the group and made wide-ranging accusations. We are shocked that Hindenburg Research published a report on 24 January 2023 without attempting to contact us or verify the factual matrix. The information is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts, Adani Group CFO Jugeshinder Singh said in a statement on Wednesday.
Stocks of the seven listed Adani group companies fell between 3% and 7% today after Hindenburg, a well-known US short-seller, said vital listed companies controlled by billionaire Gautam Adani had substantial debt, which has put the entire group on a precarious financial footing.

The report comes ahead of the follow-on public offer (FPO) of Adani Enterprises, the group's flagship company. The FPO issue is set to open on Friday, January 27, 2023, and the floor price has been fixed at ₹3,112 per share. In the late session, Adani Enterprises shares had pared some intraday losses and traded 1.5% lower at ₹3,390.