Adani Group chairman Gautam Adani on Tuesday said US-based short seller Hindenburg Research’s report against the conglomerate was an attempt at damaging the conglomerate’s image. He said that the short seller’s report was a combination of targetted misinformation and discredited allegations written by vested interests.Addressing the group’s Annual General Meeting 2023, the Indian billionaire said the Hindenburg Research released the report just before the Adani Enterprises’ follow-on public offer.
Addressing the group’s Annual General Meeting 2023 live, Gautam Adani said the Hindenburg Research released the report just before the Adani Enterprises’ follow on public offer.
“We remain confident of our governance and disclosure standards,” Adani said. (File image)Listen to this articleAdani Group chairman Gautam Adani on Tuesday said US-based short seller Hindenburg Research’s report against the conglomerate was an attempt at damaging the conglomerate’s image. He said that the short seller’s report was a combination of targetted misinformation and discredited allegations written by vested interests.Addressing the group’s Annual General Meeting 2023, the Indian billionaire said the Hindenburg Research released the report just before the Adani Enterprises’ follow-on public offer.
“Subsequently, despite a fully subscribed FPO, we decided to return the money to investors to protect their interests. While we issued our rebuttal, various vested interests targeted us,” Adani said.“The report was a combination of targeted misinformation and discredited allegations. The majority of them dating from 2004 to 2015. They were all settled by authorities at that time,” he said, and added that the report ‘was a deliberate and malicious attempt aimed at damaging our reputation and generating a profit by driving down its stock prices.”
“We remain confident of our governance and disclosure standards,” Adani said.The Adani Group chairman went on to say that the conglomerate has raised several billions from international investors, while no credit agency internationally has cut any ratings of the group firms.
Adani added, “Report of Supreme Court committee helped build confidence in the group. Remain confident of governance and disclosure standards.” In January, the US short seller released a report on Adani Group, and said that the conglomerate was involved in stock market manipulation, and accounting frauds over the decade.
